annual report 2012 - tehran stock exchange 2012.pdf · 2014-09-09 · annual report 2012 5 the year...

Tehran Stock Exchange

Annual Report 2012

Damavand Peak-Iran

CEO Message .................................................................................................................................................................. 4

An Overview of Global Capital Markets in 2012 ................................................................................ 5

Iran’s Economy at a Glance ................................................................................................................................. 5

Highlights of Tehran Stock Exchange in 2012 ....................................................................................... 6

About the Exchange

A Brief History of Tehran Stock Exchange ............................................................................................... 8 Organization Directors

Values ................................................................................................................................................................................... 11

Mission Vision Goals

Key Financial Figures ................................................................................................................................................ 12

Capital .................................................................................................................................................................................. 12

Markets and Trading at TSE ................................................................................................................................ 13

Markets of TSE Trading Procedures

Listing Requirements at TSE ............................................................................................................................... 16

Market Surveillance .................................................................................................................................................. 16

Statistics

Statistics ............................................................................................................................................................................ 18

Corporate Finance Tables of 2012 Performance

TSE Operations

TSE Operations in 2012 .......................................................................................................................................... 26

Board of Directors and the Committees Members of the Exchange Protecting Investors Education International Ties Foreign Investment Anti-Money Laundering Regulations Research and Development Industry Roundtables

Development Projects 2013 ............................................................................................................................... 29

Contacts .............................................................................................................................................................................. 30

Key Addresses ................................................................................................................................................................ 31

Attachments

List of Tehran Stock Exchange’s Members ............................................................................................... 34

Listed Companies at TSE - 2012 ....................................................................................................................... 38

C o n t e n t s

4 Tehran Stock Exchange

Based on the statistics distributed by the World Federation of Exchanges, 2012 was a challenging

year for the securities market. The total value and volume of some products, including equities, bonds and ETFs in the member Exchanges diminished dramatically. In 2012, the value of equities trading decreased more than 22 percent comparing 2011. The number of derivatives contracts and value of bonds trading both declined 20 percent. However, the total market capitalization of WFE’s members grew more than 15 percent and the average return of the Exchanges raised nearly 14 percent on the basis of their broad indices.

Despite real challenges regarding the fluctuations of the currency rates in Iran, tensions existing in the country’s international ties, and the ambiguities in the launching of the subsidy reform plan’s second phase, Tehran Stock Exchange had considerable growth in most of its indicators, including market capitalization, trading value, broad index and free-float level last year. During the last fiscal year (ended 20th March 2013), TSE’s total market capitalization increased more than 33 percent and the trading value of bloc and retail transaction jumped more

than 9 percent than its preceding year. The return of the TSE’s broad index for the last fiscal year was about 47 percent, and the Exchange facilitated financing of the listed companies for the value of IRR 57 trillion.

Efforts to increase transparency and integrity of the market, as well as its liquidity were carried on through market’s infrastructure improvement, introduction of new investment products and mechanisms, reforming the existing regulations and proposing new rules to be ratified.

TSE had considerable achievement in 2012 regarding Iran’s protecting investors index upgrading by the World Bank. In the latest Doing Business report, the country’s rank lifted 17 steps, which is mainly due to the ratification of Disclosure Requirements Directive in the Iranian capital market.

Tehran Stock Exchange is perseveringly working to boost relations with its international peers and has dynamic attendance in the global or regional entities of the securities industry; and also hosted FEAS second On-site Training Program November 2012.

CEO Message

Annual Report 2012 5

The year was a challenging one for Exchanges, in which based on World Federation of Exchanges (WFE),

they lost about 22 percent of their equity transactions value. The derivatives trading was also 20 percent down comparing 2011. Other products’ turnover declined as well, including ETFs, securitized derivatives and bonds. The only positive indicator among WFE’s members was market capitalization, which grew 15 percent in 2012 following the sharp decline in its preceding year.

In 2012, total global market capitalization reached USD 55 trillion. Among different regions, the Exchanges’ market capitalization in the Americas jumped more than 17 percent to outperform among others; in the next steps stood Asia-Pacific and EAME regions with about 15 and 11 percent increase.

Despite global market capitalization improvement in 2012, the Exchanges were not doing well over listing new companies. During the year, the total number of listed companies on the Exchanges declined 0.3 percent

and accounted to 46,332 companies.

The largest Exchanges by market capitalization at the end of 2012 were NYSE Euronext, NASDAQ OMX, Tokyo SE and London SE, which accounted for about half of the total market capitalization of the global Exchanges. The Exchanges from Hong Kong, China, Canada, Germany and Australia were among the other largest securities market worldwide.

The entire equities trading value among WFE Exchanges had an opposite direction than their market capitalization. While the latter increased by 15 percent, the trading value retreated to below USD 50 trillion with about 22 percent downfall. The decline was evident even in the number of trades in equity shares about 14 percent to about 9.8 billion trades in 2012.

World Federation of Exchanges estimated due to some global economic recovery and the promising news from some of the developed markets, in the first half of 2013 most of the indicators will be in green.

There are great economic capacities for Iran in the Middle East region and beyond. The country is

located in one of the most strategic geo-economic parts of the world. With a population of about 78 million, mostly young and academically educated, Iran is a fairly vast country of 1.65 million square km, and privileged with opulent natural resources.

Iran has the third biggest oil and the second largest

natural gas resources in the world. It is estimated that the country holds the first global zinc and the second copper reservoirs, and on the average, with 1 percent of the global population, Iran has 7 percent of mineral resources.

Despite copious challenges, Iran’s GDP reached USD 480 billion in 2012, ranking the country second in MENA region and 23rd in the world.

An Overview of Global Capital Markets in 2012

Iran’s Economy at a Glance

Highlights of Tehran Stock Exchange in 2012

Initial public offering of Parsian Oil & Gas, Kish Credit Card, Bandar Abbas Oil Refinery, Mellat Insurance, and transferring Kharazmi Investment from Iran Farabourse to TSE

Holding Industry Roundtables forCement and Auto-manufacturing companies in order to discuss with industries’ authorities about the trends, problems and possible solutions

Accomplishing the international architecture contest for the new TSE headquarters building with participants from 7 countries: Germany, France, Chile, the Netherlands, Australia, Austria and Canada

Issuing of participation bonds of the auto-manufacturer SAIPA

Launching new trading instrument, embedded put options for the selected companies

Contributing in the 6th Exhibition of Exchange, Bank and Insurance in Tehran, Iran

Hosting 2nd FEAS On-site Training Program in the Iranian capital market with several attendants from 7 countries for the two-week event

Participating in the provincial capital market exhibitions in Shiraz and Isfahan

Signing of a memorandum of understanding with Karachi Stock Exchange to further boost the cooperation and relationship

Developing dissemination infrastructure and data management policy

About The Exchange


t s e . i r

A Brief History of Tehran Stock Exchange

Historical Highlights

1966

1967

1969

1983

1988

1992

1995

2002

2003

2005

2006

2007

2008

2010

2012

Establishment Law of the Stock Exchange was approved

Tehran Stock Exchange commenced equities trading on Feb. 4th

Trade of Treasury and Land Reform Bills started

Enactment of the law for usury-free banking

Economic and market growth of the post –war construction activities

Membership in World Federation of Exchanges as a full member

Co-founding the Federation of Euro-Asian Stock Exchanges

Capital market physical development around the country; principal steps in dissemination of information, education and development of financial products

Licensing the listed companies to issue corporate bonds

Ratification of new market law

Demutualization of TSE; Iranian capital market re-structuring

Launching Privatization Plan of the state-owned companies

Establishment of SMEs Exchange (Iran Farabourse); launching the first mutual fund in the market

Foreign investment deregulation; launching single – stock futures market and on-line trading services – Chairman of FEAS until 2012

Launching a new derivatives product: Embedded Put Option

TSE was established in February 1967, as the first Exchange in Iran. At the outset, only six companies

were listed in TSE. The Government bonds and certain state-backed certificates were later traded in the market.

Tehran Stock Exchange has come a long way and has evolved into an exciting and growing marketplace where individual and institutional investors trade different securities.

The number of listed companies increased to over 420 by early 2000s; however, more recently, due to market development and the launching of a new Exchange for SMEs, as well as, upgrading TSE’s listing requirements some less qualified companies were de-listed from TSE and transferred to the other Exchange.

In the period of 1967 to 1978, the number of listed companies and their capital raised from 6 and IRR 6.2 billion to 105 (22 private banks, 2 insurance companies, and 81 industrial corporations) and IRR 240 billion.

In 1967 aboutIRR 15 million shares and bonds were traded in TSE and the figure increased to IRR 34.2 billion in 1978. Actually, most of this development activity was due to the ratification of share ownership development laws for manufacturing entities and tax exemption for the listed companies.

The trading activities diminished during 1980s due to the conflicts with the neighboring country, Iraq. In 1982 only IRR 9 million were traded in the Exchange. However, the trend shifted by a conciliatory resolution at the end of the decade, whenthe annual trading value at TSE soared to IRR 9.9 billion.

After decades of TSE’s activity in the Iranian economy, the capital market authorities started to think about reformation. Therefore, enactment of the new market law in 2005 provided more capacity for market growth and investment. New entities were established due to the modern requirements and recent regulations have been approved for more development.


Organization

The top executive of Tehran Stock Exchange is the board-elected CEO, who supervises the departments and deputies as shown in the chart below:

Staff Structure (Financial Year Ended March 20th 2013)Level of

Education

PhD

Master’s

Bachelor’s

Associate’s

General Diploma and Below

Total

Tehran Headquarter

2

63

48

7

36

156

Regional Floors

4

17

48

10

23

102

Total

6

80

96

17

59

258

% of Total

2

31

37

7

23

100

Market Surveillance

Dept.

CEO

General

Assembly

Board of

Directors

Advisors

Physical

Security

Legal &

Contract Affairs Dept.

Internal

Auditing

Public Relations &

International Dept.

Logistics

Deputy

Issuers &

Members Deputy

Market

Deputy

Development

Deputy

Finance

Dept.

Administration

Dept.

Information Technology

.& Systems Dept

Issuers

Dept.

Listing

Dept.

Members

Dept.

Operations

Dept.

Research & Development

Dept.

Organizational Excellence

Dept.

Investment

Development Dept.

Data & Information

Dept.

Auditing

Committee

CEO Office

Board of Directors Secretariat

Advisors

Strategic

& Risk Management Committee

Compensation

Committee


t s e . i r

Directors

Board of DirectorsHamid Reza Rafiei Chairman of the Board

Amir Hossein Erza Vice Chairman of the Board

Seyed Mojtaba Fahim Hashemi Member of the Board

Mohammad Ebrahim Mohammad Pourzarandi Member of the Board

Ali Rostami Member of the Board

Hossein Salimi Member of the Board

Behrooz Zare Member of the Board

Executive OfficersHassan Ghalibaf Asl CEO and President

Mohammadreza Arabi MazraeShahi Vice President, Listing and Members

Ahmad Javidigharicheh Vice President, Administration

Ali Sahraee Vice President, Market

Shahram Daneshvar Director, Members Department

Maryam Ebrahimi Director, Legal Department

Kazem Farhang Director, IT Department

Habibreza Haddadi Siahkali Director, Financial Department

Seyed mohammad Hasheminejad Director, Investment Development Department

Aliabbas Karimi Director, Research and Development Department

Ramin Malmasi Director, Organizational Excellence Department

Naser Omidvari Director, Internal Auditing Department

Mohammadali Pouladi Baghbaderani Director, Administration Department

Esmaeil Dargahi Head, Listing Department

Tuba Dehghani Ahmadabad Head, Operation Department

Seyed Rouhollah Hosseini Moghaddam Head, Issuers Department

Samira Khoshnood Head, Market surveillance Department

Hossein Moraveji Tabasi Head, Regional Floors Department

Hamid Rouhbakhsh Amoli Moghaddam Head, PR and International Department


Values

MissionLaunching a fair, efficient and transparent market equipped with diversified instruments and easy access to create added value for the stakeholders

VisionThe region s leading Exchange and country s economic growth drive

Goals1. Increasing the share of capital market in financing the economic productive activities

2. Applying effective rules and procedures to protect the market's integrity and shareholders' rights

3. Expanding market with the use of updated and efficient technology and processes

4. Developing financial knowledge and improving investment and shareholding culture in Iran

5. Treating all stakeholders with the principles of accountability and transparency

6. Constant expansion of the company's intellectual properties and human resources

7. Value creation for the shareholders


t s e . i r

Indicators Financial Year ended 20th March 2013 (IRR billion)

Financial Year ended 19th March 2012 (IRR billion)

Change%

Operating Incomes 295 250 18

Total Expenses 162 127 27.56

Operating Profit 147 128 14.84

EBIT 201 184 9.24

Net Profit 164 153 7.19

Cash Flows from Operations 164 120 36.67

EPS (IRR) 545 509 7.07

Current Assets 236 221 6.79

Total Assets 692 535 29.35

Total Liabilities 89 63 41.27

Registered Capital 300 300 -

Total Equity 604 472 27.97

Personnel (Number) 258 256 0.78

Key Financial Figures

Capital

The initial registered capital of Tehran Stock Exchange was IRR 150 billion, distributed in 150 million fully paid ordinary shares. The extraordinary

general meeting on October 2010 ratified TSE’s capital increase for 100 percent financed by the Exchange’s prudent reserves and accumulated profits.

Shareholders

Based on the article 54 of the securities market law, each legal and personal entity is liable to hold at maximum 2.5 percent of TSE’s shares, directly or indirectly. The shareholders are divided into three main groups; brokerage firms, financial entities, retail shareholders as mentioned in the table.

Groups No. of Shareholders No. of Shares % of Total

Brokerage Firms 74 101873997 34

Financial Entities 72 117767997 39.2

Retail Shareholders 5576 80358006 26.8

Total 5722 300000000 100


The trading system is an order driven system, which matches buying and selling orders of the investors.

Investors can place their orders with TSE accredited brokers, who enter these orders into the trading system. Then, the system automatically matches buy and sell orders of a particular security based on the price and quantity requirements. The mechanism for which the price of equities is determined is as follows:

The best price (price priority)

Time of order priority

Under the price priority rule, a selling (buying) order with the lowest (highest) price takes precedence. Under the time priority rule, an earlier order takes precedence over others at the same price.

Thus, when the lowest sell and the highest buy orders match in price, the transaction is executed at the price. In short, the TSE market is a pure order- driven Market.

The trading system also generates and displays details of current and historical trading activity, including prices, volumes traded and outstanding buy and sell orders. This ensures that investors have the required information to be able to take informed investment decisions.

TSE has cash, derivatives and bond markets. The cash market, itself, divided into two markets: First market (including two boards) and second market. There is a separate market for participation certificate (Islamic Bonds). The futures market launched in the middle of 2010 with listing the single stock future.

Markets and Trading at TSE


t s e . i r

Tehran Stock Exchange has two equity markets, as well as two separated markets for bonds and derivatives.

Markets of TSE

Equity Markets

1. First Market, including Main and Secondary boards

2. Second Market

Equity listing at TSE is carried out based on the companies’ registered capital, number of shareholders, free-float level, the record of profitability, etc. After listing, the companies’ shares will be graded and traded in one of the following markets and boards.

Bonds Market

The public, municipality, and Securities and Exchange Organization’s registered companies’ participating bonds can be issued at TSE. In 2012, the car manufacturer SAIPA, as well as Shiraz municipality offered their bonds at Tehran Stock Exchange.

Derivatives Instruments

1. Single stock Futures Contracts

This product was introduced in July 2010 and during 2012 the contracts were traded based on 14 underlying assets.

2. Embedded Put Option Contracts

The contracts were launched in 2012 with 6 TSE’s listed companies.


Opening an Account

Investors willing to start trading in TSE should open a trading and Central Securities Depository (CSD) account with a TSE accredited broker.

GivingOrder

Give an order to your broker to buy or sell a specified number of shares of a company at market or a specified price.

Placing Order

Your orders are keyed into TSE's fully automated trading system by your broker.

Matching

System automatically matches buy and sell orders of a particular security based on the price and quantity requirements. All prices which orders are matched are determined by market forces of supply and demand through a process of bids and offers.

Clearing

CSDI accomplishes clearing and settlement of trading and uses book an entry system to keep track of the movement of shares which arise from trades affected on TSE.

All buy orders are paid in advance and sellers receive the net proceeds within three working days (T+3) of the conclusion of the deal. The seller broker is obliged to complete the relevant formalities and hand over the traded shares to buyer on T+3.

Trading Procedures

Days of Trading Saturdays - Wednesdays

Trading Hours 9:00 – 12:00 (8:30 – 9:00 Pre-opening)

Mechanism Opening/Continuous Auction

Tradable Instruments Shares and Rights – Derivatives - Bonds

Trading Currency Iranian Rial (IRR)

System Automated Trading System (ATS) (Order-driven)

Clearing & Settlement Period T+3

Clearing Netting

Settlement Book Entry

Dividend Tax Exempt

Capital Gain Tax Exempt

Transaction Tax (Selling) 0.5%

Companies Profit Tax (%) 22.5 (including 10% exemption for the listed companies)

Daily Fluctuation (%) +/- 4 Shares, +/-8 Rights, +/- 1 Bonds

Trading


t s e . i r

Listing Requirements at TSE

First Market – Main Board First Market – Secondary Board Second Market

Minimum Capital (IRR billion) 1000 500 200

Minimum Years of Operation 3 2 2

Minimum Free-float % 20 15 10

Minimum No. of Shareholders 1000 750 250

Years of Profitability Prior to Listing 3 2 1

Asset/Equity % 30 20 15

No. of Listed Companies (2012 end) 64 56 202

Market Making Optional Optional Obligatory

Tehran Stock Exchange applies the surveillance software to maintain its market’s integrity.

The surveillance department at TSE is a sub-division of Market deputy. The department monitors market’s operations to prevent manipulations and violations, reports the cases to the brokerages and superior surveillance bodies, and proposes development projects and amendments to the existing regulations.

ARAMIS (Automated Real-time Alerts for Market Intelligence Supervision) is based on the use of virtual desktops. One can build several desktops with different screens, each displaying its own data. This enables you to set up various screen layouts in order to track data on different subjects.

The data that can be displayed through the various ARAMIS screens can be grouped into several types. For each type of information a new window can be opened within each virtual desktop. In most of these window types, one or more values for the requested information type can be shown.

ARAMIS helps surveillance teams detect:

• Market or price manipulation

• Insider trading

• Fraudulent or deceitful conduct

• Continuous collection of data with configurable triggers provides real-time alerting

• Predefined and configurable reports reduce investigation time

PAM displays real-time trading data for monitoring securities trading, price movement, traded volume, and buy and sell orders that are sent to the Exchange.

PAM Provides customized functions for:

• Point and trade, basket orders and cross trading

• Position monitoring, reporting and order history audit

• Market watch alerts and tickers

ARTIMA extracts lists of events from transaction logs in accordance with the request set.

Reports are available in two formats (PDF & XLS)

SAMPA-PRO is a new surveillance program designed to support the domestic characteristics of the trading system. The program is designed by SEO.

Market Surveillance

Statistics


t s e . i r

Financial Year ended 20th March 2013 (IRR billion) Financial Year ended 19th March 2012 (IRR billion)

Sources Companies No. Value(IRR bil) % of Total Companies No. Value (IRR bil) % of Total

Cash Flow and Credits 29 22787 40 40 23421 31

Reserves 12 20456 36 22 20073 27

Cash-Credits-Reserves 10 14275 25 20 31722 42

Total 51 57518 100 82 75242 100

Statistics

Corporate FinanceDuring the last Iranian year 51 TSE’s listed companies increased their capital through the Exchange for the total

amount of IRR 57518 billion. The table elaborates on the financing sources applied by Tehran Stock Exchange’s listed companies in the past two years.

TSE Top 10 Companies by Market Capitalization (December 2012)No. Company Market Cap. (IRR billion) % of Total

1 National Iranian Copper Industries 135,912 8.04

2 Mobarake Steel 123,917 7.33

3 Iran Telecommunication 104,133 6.16

4 Qadir Investment 75,600 4.47

5 Gole –e Gohar Iron Ore 72,792 4.3

6 Chadormalou Mining & Industrial 71,520 4.23

7 Parsian Oil & Gas Development 70,860 4.19

8 Bandar Abbas Oil Refinery 61,589 3.64

9 Omid Investment 58,860 3.48

10 Padris Petrochemical 57,911 3.42

Total Market 1,691,273

TSE Trading Value Outperformers 2012No. Company Trading Value (IRR billion) % of Total





5 Omid Investment Group 6,943 3.18

6 Mines & Metals Development 6,629 3.04

7 Padris Petrochemical 6,120 2.81

8 Pasargad Bank 6,076 2.79

9 Qadir Investment 5,500 2.52

10 SAIPA 5,099 2.34

Total Market 218,070

Tables of 2012 Performance


TSE Trading Volume Outperformers 2012

No. Company Trading Volume (million shares) % of Total

1 SAIPA 4,233 5.65


3 Pasargad Bank 3,660 4.89

4 Bank Mellat 2,645 3.53




8 Mines & Metals Development 1,547 2.07

9 Mellat Investment 1,466 1.96

10 Omid Investment Group 1,411 1.88

Total Market 74,855

TSE’s Industrial Sectors’ Market Capitalization

Sector

December 2012 December 2011%

MC Change# of Listed

Companies

Market Capitalization (billion IRR)

% of Total MC

# of Listed Companies


% of Total MC

Basic Metals 22 375,024.30 22.17 24 194,973.40 16.28 92.35

Chemical Products 29 243,145.30 14.38 29 83,697.60 6.99 190.50

Monetary Intermediation 10 201,687.70 11.93 10 234,419.40 19.58 -13.96

Metal Ores Mining 8 190,567.70 11.27 8 100,518.90 8.4 89.58

Diversified Industries 4 168,201.60 9.95 4 113,695.30 9.5 47.94

Refined Petroleum & Nuclear Products 6 111,511.80 6.59 6 30,634.60 2.56 264.01

Post & Telecommunications 1 104,133.20 6.16 1 143,401 11.98 -27.38

Motor Vehicles & Auto Parts 31 42,890.40 2.54 31 66,385.80 5.54 -35.39

Investment Companies 15 38,799.80 2.29 14 29,611 2.47 31.03

Cement, Lime & Plaster 30 37,693.50 2.23 30 33,646.60 2.81 12.03


t s e . i r

TSE’s Industrial Sectors’ Market Capitalization

Sector

December 2012 December 2011%

MC Change# of Listed

Companies


% of Total MC

# of Listed Companies


% of Total MC

Technical & Engineering Services 2 26,105.70 1.54 2 21,632.60 1.81 20.68

Pharmaceutical Products 27 25,706.80 1.52 27 31,470.30 2.63 -18.31

Computers 5 22,489.30 1.33 4 17,580.30 1.47 27.92

Real Estate & Construction 12 16,869.10 1 12 15,313.70 1.28 10.16

Food & Beverages 20 15,218.70 0.9 22 14,600.30 1.22 4.24

Transportation & Storage 5 14,208.70 0.84 4 9,624.90 0.8 47.62

Sugar & By-products 12 8,027 0.47 14 5,146.70 0.43 55.96

Insurance & Pension Funds 5 8,015 0.47 4 6,973.90 0.58 14.93

Oil & Gas Extraction 1 7,360.30 0.44 1 5,596.40 0.47 31.52

Electrical Machinery 8 6,561.10 0.39 11 9,917.50 0.83 -33.84

Machinery &Equipments 14 4,770.70 0.28 16 4,289 0.36 11.23

Financial Leasing 4 4,225.70 0.25 4 4,774.60 0.4 -11.50

Fabricated Metal Products 7 4,061.30 0.24 9 2,530.90 0.21 60.47

Rubber & Plastic Products 8 3,770.90 0.22 10 2,540.40 0.21 48.44

Other Non-metallic Mineral Products 12 3,010.10 0.18 20 2,743.40 0.23 9.72

Ceramic & Tiles 10 2,482.40 0.15 10 3,440.40 0.29 -27.85

Tanning & Dressing of Leather 1 1,350.80 0.08 1 1,843.30 0.15 -26.72

Medical, Precision & Optical Instruments 1 1,324.30 0.08 1 1,825.10 0.15 -27.44

Agriculture 1 682.7 0.04 1 229.4 0.02 197.60

Paper Products 2 298.5 0.02 4 369.8 0.03 -19.28

Textiles 3 278 0.02 3 322.6 0.03 -13.83

Radio, TV & Communication Equipment 1 231 0.01 4 389.6 0.03 -40.71

Publishing, Printing & Reproduction 1 181.4 0.01 1 161.9 0.01 12.04

Coal & Lignite Mining 1 164.5 0.01 1 371.8 0.03 -55.76

Wood Products 2 137.5 0.01 2 88.3 0.01 55.72

Other Mining & Quarrying 1 86 0.01 1 88.6 0.01 -2.93

Industrial Contractors 0 - - 1 2,470.50 0.21 -100.00

TotalMarket Capitalization 1,691,273 1,197,320 41.25


Market Capitalization in Top 10 Sectors

2011 2012

Market Capitaliza�on in Top 10 Sectors

2011

Market Capitaliza�on 2012

Broad Index 2012

Basic Metals

Chemical Products

Monetary IntermediationMetal Ores Mining

Diversified Industries

Refined Petroleum & Nuclear ProductsPost & TelecommunicationsMotor Vehicles & Auto PartsInvestment CompaniesCement, Lime & PlasterOthers

USD …

0255075

100125150

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

103 102 107 108 10497 91 91

107 115 120141

Basic Metals

Chemical Products



Refined Petroleum & Nuclear ProductsPost & TelecommunicationsMotor Vehicles & Auto PartsInvestment Companies

Cement, Lime & Plaster

Others


2011


Broad Index 2012

Basic Metals

Chemical Products




USD …

0255075

100125150


103 102 107 108 10497 91 91

107 115 120141

Basic Metals

Chemical Products





Others

Market Capitalization 2012 (USD billion)


2011


Broad Index 2012

Basic Metals

Chemical Products




USD …

0255075

100125150


103 102 107 108 10497 91 91

107 115 120141

Basic Metals

Chemical Products





Others


t s e . i r

Daily Average Equity Turnover 2012

Equi�es Turnover 2012

2591326576

24584

29207

37860

24000

26000

28000

30000

32000

34000

36000

38000


TEDPIX

0 10 20 30 40 50 60 70 80 90

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD million



2591326576

24584

29207

37860

24000

26000

28000

30000

32000

34000

36000

38000


TEDPIX

0 10 20 30 40 50 60 70 80 90

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD million

Broad Index 2012 ( )



2591326576

24584

29207

37860

24000

26000

28000

30000

32000

34000

36000

38000


TEDPIX

0 10 20 30 40 50 60 70 80 90

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD million



2591326576

24584

29207

37860

24000

26000

28000

30000

32000

34000

36000

38000


TEDPIX

0 10 20 30 40 50 60 70 80 90

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD million



2591326576

24584

29207

37860

24000

26000

28000

30000

32000

34000

36000

38000


TEDPIX

0 10 20 30 40 50 60 70 80 90

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD million

Daily Average Equity Turnover 2012 ( )



2591326576

24584

29207

37860

24000

26000

28000

30000

32000

34000

36000

38000


TEDPIX

0 10 20 30 40 50 60 70 80 90

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD million


2012 2011 % Change

Broad Index (TEDPIX) 37,860 24,403 55.1

Market Capitalization (billion IRR) 1,691,273 1,197,320 41.25

Trading Volume (Shares & Rights) (million shares) 74,855 69,938 7.03

Turnover (billion IRR) 218,070 213,488.1 2.15

No. of Newly Listed Companies 6 6 -

Value of State-owned Offerings (billion IRR) 2,921 20,864 -86

Volume of State-owned Offerings (million shares) 1,401 6,287 -77.71

No. of Listed Companies 322 347 -7.2

Turnover Velocity 12.9 17.83 -27.6

Number of Trades 4,969,542 4,450,135 11.7

Bonds Futures Option

Volume 5,000,990 838 6,267,710

Value (IRR million) 5,001,091 26,599 300

Bonds and Derivatives in 2012

Market Indicators

0 0.5 1 1.5 2 2.5 3 3.5

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD billion

0 0.5 1 1.5 2 2.5 3 3.5

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD billion

Equities Turnover 2012 ( )

0 0.5 1 1.5 2 2.5 3 3.5

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

USD billion

TSE Operations


t s e . i r

TSE Operations in 2012

Board of Directors and the Committees

Tehran Stock Exchange’s board of directors attended in 26 meeting sessions during the previous

financial year ended 20th March 2013. The seven-member board includes 3 technical and 2 subsidiary committees: Auditing, Risk and Strategic Management, Remuneration, Regulations, and Building Project.

The auditing committee is in charge of internal auditing surveillance, as well as proposing independent auditors to the board, reviewing the auditing reports and tracking the prompt reforming measures in the processes for controlling the weaknesses and shortcomings.

The risk and strategic management committee is the board body which is responsible for monitoring the management activities regarding strategic and liquidity, reputation, operational and other risk policies. The committee has an integral role for the top management to access the objectives, and reports regarding all subjects related to governance, regulations and risk management. The committee has 3 members, a board member, a CEO-chosen executive, and a board-verified expert. Some independent figures may be invited in some sessions as well.

To examine the payment andcompensationprocess and policies of TSE’s personnel and to ensure that they run along with the set values of the Exchange, remuneration committee is established. The board- chosen three members of the committee carry out all decision making and surveillance about TSE’s payment and bonus projects.

TSE’s board of directors has established the regulations

committee in order to increase the efficiency of its activities. The committee supervises the regulations observance and executive procedures in the Exchange; it is the legally responsible to validate operation license of the brokerage firms’ offices, as well as regional trading floors, and to resolve about the cases of law infringement and violations.

TSE is building its new headquarters in the north western part of Tehran, and for the same reason the building project committee counsels the board for accomplishing the project. During the previous year, a contest was held among some international architectural companies for the new premises designing. The winners received their awards and the technical phases of construction operations based on the designated plan has initiated since December 2012.

Members of the Exchange

At the end of the last financial year (ended 20th March 2013) 94 Tehran Stock Exchange’s member

brokerage firms with 945 trading stations in the country were providing services to their clients. 83 firms out of the total number had on-line access for the investors, 59 were listing consultants, 43 companies provided portfolio management services and 70 firms had mutual funds.

In order to facilitate the investors’ access in the provinces, provide training courses about capital market to the public, develop the brokerage network around the country and deliver all market operations in most of the Iranian cities, TSE’s regional floors are of great importance.

List of TSE’s members are in the attachments.

Trading Stations # in Financial Year ended 20th March 2013

# in Financial Year ended 19th March 2012 Change %

Brokerage Firms 94 88 6.82

Brokerages with On-line Services 84 67 25.37

Trading Stations in the Headquarter 93 87 6.90

Trading Stations in Tehran Brokerages Offices 289 260 11.15

Trading Stations in Provincial Brokerage Offices 333 295 12.88

Trading Stations in TSE’s Regional Floors 212 154 37.66

Trading Floors of the Mutual Funds 18 18 -

Total Trading Stations 945 814 16.09


Protecting Investors

In words of the World Bank, this protection is a measurement of how efficient minority shareholders

are looked after against misuse of corporate assets by directors for their personal gain, and the most recent data was released in June 2012. The measurement is a part of Doing Business project. The project monitors minority shareholders rights in public companies and the related legal and executive protections against such rights. Whether directors’ interests are in conflict with those of the enterprises, or how minority shareholders are able to protect their rights against such behaviors are taken into consideration.

Protecting Investors rank of Iran in 2012 was 167, which promoted to 150 in 2013. The main reason behind this improvement was the ratification of Disclosure Requirements Directive. Such a directive and issuers’ liability to disclose information, directors’ responsibility against contracts and agreements, and minority shareholders’ facilitated complaint process are among the factors which improved Iran’s rank of investors’ protection globally.

To reach the appropriate rank, revisions to the commerce act, securities market law, bonds and capital market’s surveillance regulations are indispensable.

Education

Tehran Stock Exchange as the oldest entity of the Iranian capital market considers itself responsible for

increasing public awareness and financial literacy of the market’s participants and all those who are willing to invest their funds in the capital market. For the same reason, a part of TSE’s website is dedicated to Education Portal (http://tse.ir/amuzesh/).

Public, investors, young shareholders, brokers, and issuers may find their related subjects in the portal. The less experienced investors can also find a trading simulation at http://irvex.ir/, which is a virtual Exchange, where the participants learn about the capital market’s basic subjects and are allowed to have a real-like trading practice on their account at TSE. The website is designed by the Securities and Exchange Organization (SEO).

Investment Development Department at TSE is in charge of public training and has published 20 books, magazines and brochures in 2012. TSE held more than 40 different training courses, seminars and conferences to improve the market participants’ knowledge, which account for more than 31 thousand person-hours of trainees. The activities are either exclusively carried out by TSE or

in cooperation with six renowned universities of Iran. Moreover, 38 delegates from academies, colleges and schools had their Exchange tour in 2012, in which the participants are presented about TSE and market’s fundamentals.

International Ties

Tehran Stock Exchange is a member of international capital market entities since 1990s, and the local

policies have encouraged TSE’s global participation and contribution. TSE’s international ties and participation have recently developed dramatically. Since its demutualization in 2006, Tehran Stock Exchange has signed cooperation contracts and MoUs with stock exchanges in different parts of the world including Korea, Pakistan, Cyprus, Malaysia, Indonesia, etc. TSE was the chairman of Federation of Euro-Asian Stock Exchanges between 2010 and 2012, and also hosted the first working committee of OIC Member States’ Stock Exchanges Forum in 2009, as well as the second FEAS On-site Training Program in 2012. Both events were held in Tehran, and were attended by dozens of delegates from the Euro-Asian capital markets.

Foreign Investment

Upon the recommendation No. 22159 of the Ministry of Economic Affairs and Finance on April 11 2010,

and by virtue of the paragraph 3 of article 4 of the Securities Market Law of I.R.I ratified in 2005, the Council of Ministers approved «The Regulations Governing Foreign Investment in the Exchanges and OTC Markets» on April 18. 2010. The text of the regulations can be found at http://www.tse.ir/cms/default.aspx?tabid=81.

Though the foreigners were able to invest in the Iranian capital market before the above rule’s ratification, the new regulations have facilitated the investment. Currently foreign investors are categorized into two main groups: Strategic and Non-strategic investors. Those with up to ten percent of ownership in any listed company’s equities are Non-strategic foreign investors, who have no restriction for the earnings and principal capital repatriation. However, the investors willing to own more percentages in TSE’s listed companies are considered as Strategic foreign investors. For this group, the principal capital repatriation will not be sooner than two years. Based on the mentioned regulations, the number of shares owned by the total foreign investors shall not exceed twenty percent of the total shares number of the companies listed in the Exchange, or twenty percent of the shares number of any company listed in the Exchange.


t s e . i r

Anti-Money Laundering Regulations

Applying proper regulations to overcome money laundering may result in diminishing financial crimes

and more stability in the market and financial entities, which all will end in economic development.

Pursuing enforcement of the Iranian Constitution’s article 49, the anti –money laundering regulation was ratified by the Parliament in 2007 and the related executive bylaw was issued two years later. In this text, money laundering is considered as an offense as described in Vienna Convention.

As the entity in charge of market’s regulating and surveillance, Securities and Exchange Organization (SEO) is liable to enforce the law to prevent money laundering and terrorism financing through the Iranian capital market. SEO’s anti money laundering division has developed asuspicious operation and trading integrated reporting system. The system provides data and indicators of such transactions and the related clients or traders and their accounts and records. The findings will be forwarded to the related authorities.

Research and Development

Tehran Stock Exchange carried out some feasibility studies during last year to launch new financial

instruments:

• Inflation Protected bonds

• Convertible bonds

• Warrants

The research and development department of TSE also provided the regulations required to apply equities trading on the basis of Salam contracts. The Exchange has examined the market’s regulations for high frequency trading, as well as algorithmic trading.

Efforts were also made to provide Enterprise Risk Management (ERM) for TSE, and a study was done to launch hedge funds in the Iranian capital market.

Reviewing market’s microstructure and the related rules to secure market’s integrity and improve its liquidity, and also surveying the troubles with the on-line trading system were among TSE’s last year research projects.

Industry Roundtables

The roundtable sessions are held at Tehran Stock Exchange in order to bring coordination between

capital market, issuers and the related industries to remain updated about the challenges and to tackle the complexities.

Each industry’s roundtable is usually proposed and planned following the sector’s destabilized performance and weakened trend, and will be held by CEO’s approval.

Listed companies’ CEOs, and their major shareholders, prominent figures in the industry, as well as the representatives of TSE and SEO are invited to the sessions for the discussions.

In the previous year, cement, auto manufacturing, petrochemical and refinery industries’ roundtables were held in the Exchange.


Development Projects 2013

Reviewing the trading procedures and regulations and develop mechanized surveillance whistleblowers

Launching corporate governance index

Revising TSE’s Listing Directives

Studying and introducing new trading products; ETFs, Insurance Funds, etc

Confining market manipulation through new regulations

Maintaining the new TSE’s premises construction project (phase 2)

Upgrading accessibility and security of the Exchange’s website

Establishing anti money laundering principles in TSE

t s e . i r


Tehran Stock Exchange

No. 192, Hafiz Avenue

1138964161

Tehran, Iran

www.tse.ir

PR & International Department

T +98 21 6674 0341 - +98 21 6673 0776

F +98 21 6671 0111

E [email protected]

Legal Affairs

T +98 21 6675 0079

F +98 21 6670 6127

Financial Department

T +98 21 6675 0084

F +98 21 6675 0085

IT

T +98 21 6676 0545

F +98 21 6671 6571

Contacts


Securities and Exchange Organization

http://www.seo.ir

Central Securities Depository of Iran

http://www.csdiran.com

Tehran Securities Exchange Technology Management Company

http://www.tsetmc.com

Iran Farabourse

http://irfarabourse.com

Iran Energy Exchange

http://www.irenex.ir

Iran Mercantile Exchange

http://new.ime.co.ir

Organization for Investment, Economic and Technical Assistance of Iran

http://www.investiniran.ir/en/home

Key Addresses


t s e . i r

Tachar/Persepolis-Iran


Attachments


t s e . i r

No Name TEL* FAX Website E-mail Rank**

1 Aban 88553030 85510 88556080 abanbroker.com [email protected] A

2 Abtin Stock 88939890-91 88809271 88939821 abtinstock.com [email protected] C

3 Apadana

88731716 88534066 88732873 88741582

88732873 apadanabroker.com apadana. [email protected] B

4 Atisaz Bazar 88215800-2 88614405-8 88215800-2 www.atibroker.ir

www.atibroker.com [email protected] B

5 Atieh66710285 66716285 66742071

66701235 atieh-broker.com [email protected] B

6 Arad Iranian 42718000 42718000 aradbourse.com [email protected] A

7 ArmanTadbireNaghsheJahan 0311-6615973 0311-6414710-12

0311-6615973 armanbroker.ir [email protected] B

8 Armoon Bourse 88706570 88718879 armoonbourse.com [email protected] B

9 Aria Bourse 88756082 88756082 ariabourse.ir [email protected] -

10 Aria Novin 88323530-4 88303633 arianovinbroker.com [email protected] D

11 Agah 88674421-31 88640653 agahbroker.com [email protected] A

12 Ordibehesht Iranian 82446 88736260 oibourse.com [email protected] B

13 ArgHouman 88203311 88533832 88209670 argbroker.com [email protected] B

14 ArzeshAfarineAlvand 88563984 88563896 88563520 arzeshafarin.com [email protected] C

15 EtminanSahm 66728080-1 66742381 etminansahm.com [email protected] B

16 Amin Avid 88659635 88659634 88659636 aminbc.com amin avid @gmail.com B

17 OmidSahm 88345219-20 88345212 88842739 omidsahm.com [email protected] C

18 Amin Sahm66726227 66726505 66726040

66726284 aminsahm.com [email protected] B

19 Iran Sahm 88873236 88873236 iransahm.info [email protected] B

21 IsatisPooya 0351-5220458-9 0351-5220458 ipb.ir [email protected] A

21 Imen Bourse66740877 66740878 66742085

66705292 imenbourse.ir [email protected] B

22 Bazar Saham 22254127-9 22254165 bazarsahambourse.com [email protected] B

23 EghtesadNovin Bank 66743848-9 66743222-3 66744240 novinbourse.com [email protected] A

24 Pasargad Bank 88101723-5 88101723-5 pasargadbroker.com [email protected] A

Tehran Stock Exchange’s Members

List of Tehran Stock Exchange’s Members



25 Tat Bank 88721100-3 88711701 tbsc.ir [email protected] B

26 Tejarat Bank 88702572 88702571 bt-broker.com [email protected] A

27 ToseeSaderat Bank 88306005 88308066 edbibroker.com [email protected] A

28 SahmAndish 28931158 26218339 www.daybankbroker.com [email protected] C

29 Bank RefahKargaran 88921925-26 88940341 refahbroker.com [email protected] A

30 Saman Bank 88774669-71 88648950-53 88774689 samanbourse.com [email protected] A

31 Sepah Bank 88726057-8 88725599 sepahbourse.com [email protected] A

32 Saderat Bank 88707107-9 88104772-4 888726157 saderatbourse.com [email protected] A

33 SanatvaMadan Bank 88511535 88764231 smbroker.ir [email protected] A

34 Karafarin Bank 22655911 22655912 karafarinbrokerage.com [email protected] A

35 Keshavarzi Bank 8658 88728155 agribourse.com [email protected] A

36 Maskan Bank 88527060-63 88527060-63 maskanbourse.com [email protected] A

37 Bank Mellat 88106375 88106345 mellatbroker.com [email protected] A

38 Bank Melli Iran 84358 88712312 bmibourse.com [email protected] A

39 BurhanSahand 88425242-3 88474019 bsbourse.com [email protected] B

40 Asel Bourse 88882263 88874269 88882286 aselbroker.com [email protected] C

41 Bourse Ebraz 88318884 88318886 ebrazbourse.com [email protected] C

42 Bourse Bimeh Iran 8948 88964040 boursebimeh.com [email protected] A

43 Boursiran 88832860 88832891 88810329 boursiran.ir [email protected] B

44 Bourse Behgozin 42846 88769923 behgozinbroker.com [email protected] A

45 Bahman 83326 88724241 bahmanbroker.com [email protected] A

46 BehinPouya 0311-6612889-90 0311-6612889-90 behinpouya.com behinpouya @yahoo.com B

47 Pars IdehBonyan

88944428 88933898 88933895 88928230

88933896 pib.co.ir [email protected] -

48 Pars GostarKhobreh

22012883 22012901 22012895 22012891

22012886 parsarmoon.com [email protected] B

49 Pars Nemoudgar 42874000 88861916 88307829 parsnem.ir [email protected] A

50 Parsian 87148 8851681-2 88511683 parsianbroker.com [email protected] A



t s e . i r


51 PishgamanBehparvar 66576750-55 66576756 behbourse.com [email protected] -

52 TaminSarmayehNovin 86791000 88720935 nibbourse.com [email protected] A

53 TahlilgaraneBasir 66748990-3 66748994 basirbourse.com [email protected] C

54 TadbirgaraneFarda 82428 88798734 tadbirbroker.com [email protected] A

55 TadbirgarSarmayeh 88882265 88873381 tadbirgar.com [email protected] B

56 ToseeAndisheh Dana 22622630 26602046 danabroker.com [email protected] B

57 ToseeSarmayehDonya 66729121-2 66742104 tsd-broker.com [email protected] B

58 ToseeSahand 88556285-6 88105179 sahandbroker.com [email protected] B

59 Tosse-eh Farda 88215904 88051494 tsstock.ir [email protected] A

60 JahanSahm 66726650 66726670 66707888 jahanibroker.com [email protected] C

61 Hafez 88729810-17 88729818 hafezbourse.com A

62 KhobreganSaham 66706146 66724958 khobregan.com [email protected] A

63 DonyayeKhobreh 66724001-2 66724003 dkhobreh.com [email protected] A

64 DonyayeNovin 66705889 66742766 dnovinbroker.com [email protected] D

65 RahbordeSarmayehgozari Iran Saham 66731087 66732394 rahbord-investment.

com C

66 RahnamayeSarmayehgozaran66726011 6723355

6672335666702570 rahnamabroker.com [email protected] A

67 Razavi 27631110 27631631 27631401 rbc.ir [email protected] A

68 SavAfarin88300824 88319290 88328848

88830596 savbroker.com [email protected] B

69 SarmayehGozariMeli Iran 88784215 88784214 nibi.ir [email protected] A

70 SarmayehvaDanesh 66743087-8 66716428 ckbroker.com [email protected] A

71 SahamBarez 66731315-16 61984 66737764 sahambarez.com [email protected] C

72 SahamPajoohan-e Shayan 66741864 66741865 66735361 sahampajoohan.com sp_shayan @ yahoo.com B

73 SahamPouya 88546814-17 88546836 mebbco.com C

74 SahamGostaraneShargh 0511-7235081-5 0511-7284395 sahamgostaran.com [email protected] C

75 SahmAzin 22903707-8 22903699 sahmazin.com [email protected] C

76 SahmAshena 2771 22073072 abco.ir [email protected] A



*All TEL and FAX numbers should be dialed with +9821 (country code of Iran and area code for Tehran); however, for the brokerage companies with their offices in other cities than Tehran, the related area code is provided in the table.

**TSE’s members are classified based on several criteria into four grades (A, B, C, D) of excellence. The brokerage firms are monitored by TSE and the Securities and Exchange Organization (SEO) regarding their branches, trading services, qualified staff, their websites’ accessibility, on-line access, customers’ base, accounting qualifications, portfolio management, etc.

Note: Tehran Stock Exchange’s member brokerage firms provide different services other than trading securities based on their ranking. These may include on-line trading access, mutual funds management, portfolio management, listing advisory and market making.



77 Sahmyar 88710357 88710357 sahmyar.ir [email protected] B

78 Simabgoon66724995 66732888 66701411

66718808 simabgoonbourse.com simabgoon @simabco.com B

79 ShakhesSaham 66750439 66732834 shakhessaham.com [email protected] C

80 Shahr 88481651-57 88481650 BcityB.com [email protected] -

81 Saba Tamin 88550662-4 88550665 sababroker.com info@sab broker.com B

82 Saba Jahad 63486000 63486000 sjb.co.ir [email protected] -

83 Omran Fars 22631662-6 22004208 omranfars.com [email protected] B

84 Farabi 88557274-6 88557278 irfarabi.com [email protected] A

85 Firoozeh Asia 22130924-6 22130924-6 firouzehasia.com [email protected] D

86 Karamad 22012620 22012763 22012554 irankbc.com [email protected] B

87 KalayeKhavarmiyaneh 87168 87169900 mecbroker.com [email protected] -

88 MobinSarmayeh 88382904-7 88382908 mobinsarmayeh.com [email protected] -

89 MoshaveranSaham88718406-8 88701363 88701398

88719814 tehranstock.com [email protected] B

90 MeyarSaham 88308855 88833417 meyarsaham.com [email protected] A

91 Mofid 8700 81909 emofid.com [email protected] A

92 Mehrafarin 66743900 66744851 mehrbroker.com [email protected] A

93 NoandishanBazarehSarmayeh 82450 84051000 84051111 noandishan.ir [email protected] A

94 Nahayatnegar 84450000 88601764 nahayatnegar.com [email protected] A


t s e . i r

Listed Companies at TSE - 2012

Company’s NameIndustryNo.

NeginTabas Lignite Co.Coal & Lignite Mining1

Foundry Sand Preparation Co.Other Mining and Quarrying 2

Bafgh Mining Co.Metal Ores Mining3

Bama Co.Metal Ores Mining4

Chadormalu Mineral & Ind. Co.Metal Ores Mining5

Damavand Mineral Co.Metal Ores Mining6

Gol-E-Gohar Iron Ore Co.Metal Ores Mining7

Mines & Metals Development Investment Co.Metal Ores Mining8

Maaden Manganese Iran Co.Metal Ores Mining9

Iran Zinc Mines Development Co.Metal Ores Mining10

North Drilling Co.Oil & Gas Extraction and related services except Surveying 11

Abadgarane Iran Tourism and Welfare ComplexReal Estate and Construction12

International Construction Development Co.Real Estate and Construction13

Housing Investment Co.Real Estate and Construction14

Tehran Renovation & Construction Co.Real Estate and Construction15

Fars Reconstruction & Development CoReal Estate and Construction16

Shahed Investment Co.Real Estate and Construction17

SakhtAjand Co.Real Estate and Construction18

Iran Construction Investment Co.Real Estate and Construction19

Isfahan SamanGostar Co.Real Estate and Construction20

Azarbayjan Development Investment Co.Real Estate and Construction21

Toosgostar Investment Co.Real Estate and Construction22

Isfahan Construction Co.Real Estate and Construction23

Offset Press Inc.Publishing, Printing & Reproduction of Media24

Ansar BankMonetary Intermediation25

Mellat BankMonetary Intermediation26

Parsian BankMonetary Intermediation27

Pasargad BankMonetary Intermediation28

Post BankMonetary Intermediation29

Saderat BankMonetary Intermediation30





Tejarat BankMonetary Intermediation31

Karafarin BankMonetary Intermediation32

EN BankMonetary Intermediation33

Sina Finance & Credit CO.Monetary Intermediation34

Asia Insurance Co.Insurance & pension funding except compulsory Social Security35

Alborz Insurance Co.Insurance & pension funding except compulsory Social Security36

Dana Insurance Co.Insurance & pension funding except compulsory Social Security37

0Insurance & pension funding except compulsory Social Security38

Parsian Insurance Co.Insurance & pension funding except compulsory Social Security39

Persian Gulf Transportation Company Transportation and Storage 40

Petrochemical Transport Co.Transportation and Storage 41

Tuka Transportation Co.Transportation and Storage 42

Islamic Republic of Iran Shipping Lines Co.Transportation and Storage 43

Tidewater Middle East Co.Transportation and Storage 44

Iran Power Plant Projects Managements Co.(MAPNA)Technical & Engineering Services45

Techinco Technical & Corrosion Control Co.Technical & Engineering Services46

Iran Tractor Forging Co.Motor Vehicles and Auto Parts47

SaipaAzin Co.Motor Vehicles and Auto Parts48

Bahman Group Co.Motor Vehicles and Auto Parts49

Charkheshgar Co.Motor Vehicles and Auto Parts50

Zar Spring Co.Motor Vehicles and Auto Parts51

Iran Auto-Parts Industrial Group Motor Vehicles and Auto Parts52

Iran Khodro Investment Development Co.Motor Vehicles and Auto Parts53

Iran Credit Investment Co.Motor Vehicles and Auto Parts54

Iran Khodro Industrial Group Co.Motor Vehicles and Auto Parts55

IndaminSaipa Shock Absorber Mfg. Co.Motor Vehicles and Auto Parts56

Iran Khodro Diesel Co.Motor Vehicles and Auto Parts57

Khavar Spring Mfg. Co.Motor Vehicles and Auto Parts58

Electric KhodroShargh Co.Motor Vehicles and Auto Parts59

Iran Carburetor Co.Motor Vehicles and Auto Parts60


t s e . i r



Lent Tormoz Iran Co.Motor Vehicles and Auto Parts61

Mehvarsazan Iran Khodro Industrial Co.Motor Vehicles and Auto Parts62

Mehrcam Pars Co. (MCP)Motor Vehicles and Auto Parts63

Nasir Machine Engineering CorporationMotor Vehicles and Auto Parts64

Motorsazan Co.Motor Vehicles and Auto Parts65

NiruMoharreke Industrial Co.Motor Vehicles and Auto Parts66

Pars Khodro Co.Motor Vehicles and Auto Parts67

Radiator Iran Co.Motor Vehicles and Auto Parts68

Rena Industrial Group Investment Co.Motor Vehicles and Auto Parts69

Iran Casting Industries Co.Motor Vehicles and Auto Parts70

Mashad Wheel Mfg. Co.Motor Vehicles and Auto Parts71

Iran Tractor Foundry Co.Motor Vehicles and Auto Parts72

Saipa Co.Motor Vehicles and Auto Parts73

Saipa Diesel Co.Chemicals & Chemical products except Pharmaceutical Products74

Motor Vehicles and Auto PartsChemicals & Chemical products except Pharmaceutical Products75

SazehPouyesh Co.Motor Vehicles and Auto Parts76

Vehicle Axle Mfg. Co. (VAMCO)Motor Vehicles and Auto Parts77

Zamyad Co.Motor Vehicles and Auto Parts78

Melli Industrial GroupTanning and Dressing of Leather79

Data Processing Iran Co. (DPI)Computer & Related Activities80

Parsian E-commerce Electronic Co.Computer & Related Activities81

Iran Argham Co.Computer & Related Activities82

Informatics Services Corp.Computer & Related Activities83

Kish Iran Credit Card Corp.Computer & Related Activities84

Pars Electric Mfg. Co.Radio, TV & Communication Equipment85

Azarab Industries Co.Fabricated Metal Products except Machinary&Equipments86

JaamDarou Co.Fabricated Metal Products except Machinary&Equipments87

Lamiran Co.Fabricated Metal Products except Machinary&Equipments88

MashinSazi Arak Co.Fabricated Metal Products except Machinary&Equipments89

Ama Industrial Co.Fabricated Metal Products except Machinary&Equipments90




JooshvaOxijene Iran Co.Fabricated Metal Products except Machinary&Equipments91

Suliran Corporation Co.Fabricated Metal Products except Machinary&Equipments92

ArdakanIndusterial Ceramics Co.Other Non-metallic Mineral Products93

Iran China Clay Industries Co.Other Non-metallic Mineral Products94

Iran Refractories Co. (IREFCO)Other Non-metallic Mineral Products95

Azar Refractories Co.Other Non-metallic Mineral Products96

Pars Refractories Co.Other Non-metallic Mineral Products97

Pars Ceram Co.Other Non-metallic Mineral Products98

Glass Wool Company of IranOther Non-metallic Mineral Products99

Shisheva Gas Co. (SHOGA)Other Non-metallic Mineral Products100

Hamadan Glass Co.Other Non-metallic Mineral Products101

Saipa Glass Co.Electrical Machinery & Apparatus102

Other Non-metallic Mineral ProductsElectrical Machinery & Apparatus103

RaziPharmacutical Glass Co.Other Non-metallic Mineral Products104

Varziran Co.Other Non-metallic Mineral Products105

GhadirKhodro Leasing Co.Financial Leasing106

Industry & Mine Leasing Co.Financial Leasing107

Iran Leasing Co.Financial Leasing108

RayanSaipa Leasing Co.Financial Leasing109

Atye Damavand Investment Co.Investment Companies110

Pardis Investment Co.Investment Companies111

Buali Investment Co.Investment Companies112

Insurance Industry Investment Co.Investment Companies113

Behshahr Industries Investment Group Co. Investment Companies114

Kharazmy InvestInvestment Companies115

Mellat Investment Corporation Co.Investment Companies116

National Investment Company of Iran Co. (NICI)Investment Companies117

Bahman Investment Co.Investment Companies118

Industry and Mine Investment Co.Investment Companies119

Nirou Investment Co.Investment Companies120


t s e . i r



Sepah Investment Co.Investment Companies121

Saipa Investment Co.Investment Companies122

ToseeMelli Investment Co.Investment Companies123

Iran Industrial Development Investment Co.Investment Companies124

Iran Gatch Co.Cement, Lime & Plaster125

Ardebil Cement Co.Cement, Lime & Plaster126

Behbahan Cement Co.Cement, Lime & Plaster127

Bojnourd Cement Co.Cement, Lime & Plaster128

Darab Cement Co.Cement, Lime & Plaster129

Doroud Cement Co.Cement, Lime & Plaster130

Dashtestan Cement Ind. Co.Cement, Lime & Plaster131

Isfahan Cement Co.Cement, Lime & Plaster132

Ilam CementCement, Lime & Plaster133

Fars & Khuzestan Cement Co.Cement, Lime & Plaster134

Fars-e-Nou Cement Co.Cement, Lime & Plaster135

Fars Cement Co.Cement, Lime & Plaster136

Qayen Cement Co.Cement, Lime & Plaster137

Gharb Cement Industries Co.Cement, Lime & Plaster138

Hegmatan Cement Co.Cement, Lime & Plaster139

Hormozgan Cement Co.Cement, Lime & Plaster140

Shomal Cement Co.Cement, Lime & Plaster141

Khazar Cement Co.Cement, Lime & Plaster142

Kerman Cement Co.Cement, Lime & Plaster143

Khash Cement Co.Cement, Lime & Plaster144

Kordestan Cement Co.Cement, Lime & Plaster145

Karoon Cement Co.Cement, Lime & Plaster146

Mazandaran Cement Co.Cement, Lime & Plaster147

Shahroud Cement Co.Cement, Lime & Plaster148

Sepahan Cement Co.Cement, Lime & Plaster149

Shargh Cement Co.Cement, Lime & Plaster150




Neyriz Cement Co.Cement, Lime & Plaster151

Soufian Cement Co.Cement, Lime & Plaster152

Tehran Cement Co.Cement, Lime & Plaster153

Urmia Cement Co.Cement, Lime & Plaster154

Tose-e Melli Group Investment Co.Diversified Industrials (Holdings)155

Ghadir Investment Co.Diversified Industrials (Holdings)156

Omid Investment Co.Diversified Industrials (Holdings)157

Civil Pension Fund Investment Co.Diversified Industrials (Holdings)158

Oil Industry Investment Co.Refined Petroleum Products & Nuclear Fuel159

Behran Oil Co.Refined Petroleum Products & Nuclear Fuel160

Pars Oil Co.Refined Petroleum Products & Nuclear Fuel161

Bandar Abbas Oil Refining Co.Refined Petroleum Products & Nuclear Fuel162

Esfahan Oil Refining Co.Refined Petroleum Products & Nuclear Fuel163

Tabriz Oil Refining Co. Refined Petroleum Products & Nuclear Fuel164

Iran Aluminium Co.Basic Metals165

Alomrad Co.Basic Metals166

ShahidBahonar Copper Industries Co.Basic Metals167

Iran Alloy steel Co.Basic Metals168

AmirKabirKashan steel Co. (previous name: FajreSepahan Galvanizing Industries Company)Basic Metals169

Khorasan Steel Complex Co.Basic Metals170

Khouzestan Steel Co.Basic Metals171

Esfahan's Mobarakeh Steel Co.Basic Metals172

Iran Ferrosilice Co.Basic Metals173

FaravariMavadMadani Iran Co.Basic Metals174

Kaavian Steel Co.Basic Metals175

Calcimine Co.Basic Metals176

LulehVaMachinsazi Iran Co.Basic Metals177

Iran National Copper Industries Co.Basic Metals178

Alominum Rolling Mfg. GroupBasic Metals179

Rolling Mill & Steel Production Co.Basic Metals180


t s e . i r



Sadid Industrial GroupBasic Metals181

Sepahan Industrial Group Co.Basic Metals182

National Iranian Lead & Zinc Co. (NILZ)Basic Metals183

Sepanta Industrial & Investment Co.Basic Metals184

Tukafoolad Investment Co.Basic Metals185

Alumtek Corp.Basic Metals186

Isfahan SugarSugar & By-products187

Ghazvin Sugar Co.Sugar & By-products188

Hegmatan Sugar Co.Sugar & By-products189

Shahd Sugar Co.Sugar & By-products190

Lorestan Sugar Co.Sugar & By-products191

Marvdasht Sugar Co.Sugar & By-products192

Neyshabur Sugar Co.Sugar & By-products193

NaghsheJahan Sugar Co.Sugar & By-products194

PiranshahrSuger Co.Sugar & By-products195

SabetKhorasan Ind. & Mfg. Co.Sugar & By-products196

ShirinKhorasan agro. Industry Co.Sugar & By-products197

Shahroud Sugar Co.Sugar & By-products198

Alvand Tile & Ceramic Industries Co.Ceramic & Tiles199

Behceram Co.Ceramic & Tiles200

Irana Tile Co.Ceramic & Tiles201

Isfahan Tile Industries Co.Ceramic & Tiles202

Hafez Tile & Ceramic Co.Ceramic & Tiles203

Pars Tile Co.Ceramic & Tiles204

Saadi Tile & Ceramic Co.Ceramic & Tiles205

Nilou Tile Co.Ceramic & Tiles206

Sina Tile & Ceramic Co.Ceramic & Tiles207

Takceram Co.Ceramic & Tiles208

Magsal Co.Agriculture209

Barez Industrial GroupRubber & Plastic Products210




Derakhshan Tehran Co.Rubber & Plastic Products211

PlascokarSaipa Co.Rubber & Plastic Products212

Sahand Rubber Ind. Co.Rubber & Plastic Products213

Iran Tire Mfg. Co.Rubber & Plastic Products214

Iran Yasa Tire & Rubber Co.Rubber & Plastic Products215

Gazlouleh Mfg. Co.Rubber & Plastic Products216

Artavil Tire Industrial ComplexRubber & Plastic Products217

Jooshkab Yazd Ind. Co.Electrical Machinery & Apparatus218

Alborz Cable Co.Electrical Machinery & Apparatus219

ShahidGhandi Communication Cable Co.Electrical Machinery & Apparatus220

Pars Shahab Lamp Co.Electrical Machinery & Apparatus221

Motogen Co.Other Non-metallic Mineral Products222

Electrical Machinery & ApparatusOther Non-metallic Mineral Products223

Nirou Trans Co.Electrical Machinery & Apparatus224

Pars Switch Co.Electrical Machinery & Apparatus225

Iran Transfo Co.Electrical Machinery & Apparatus226

Absal Group Co.Machinery &Equipments227

Butane Industrial GroupMachinery &Equipments228

Iran Combine Mfg. Co.Machinery &Equipments229

Firouza Engineering Co.Machinery &Equipments230

Agricultural Industries & Services Development Co.Machinery &Equipments231

Pars Khazar Industrial Co.Machinery &Equipments232

Niroumoharekeh Machine Mfg. Co.Machinery &Equipments233

Pumpiran Co.Machinery &Equipments234

SarmaAfarin Industries Co.Machinery &Equipments235

Technotar Engineering Co. (TTECO)Machinery &Equipments236

Iran Tractor Manufacturing Co.Machinery &Equipments237

Pars Tousheh Investment Co.Machinery &Equipments238

Heavy Equipment Production Co. (HEPCO)Machinery &Equipments239

Iran Tractor Industrial Machinery Co.Machinery &Equipments240


t s e . i r



TowlideFibre Iran (Royal Board Mfg. Co.)Wood & Wood products241

BahmanNeopan Co.Wood & Wood products242

Iran Amlah (Mineral Salts) Co.Chemicals & Chemical products except Pharmaceutical Products243

Pars International Mfg. Co.Chemicals & Chemical products except Pharmaceutical Products244

Iran Carbon Co.Chemicals & Chemical products except Pharmaceutical Products245

Pars Carbon Black Co.Chemicals & Chemical products except Pharmaceutical Products246

Goltash Co.Chemicals & Chemical products except Pharmaceutical Products247

Kaf Co.Chemicals & Chemical products except Pharmaceutical Products248

Loabiran Co.Chemicals & Chemical products except Pharmaceutical Products249

Fiber Intermediate Products Co.Chemicals & Chemical products except Pharmaceutical Products250

NiroChlor Co.Chemicals & Chemical products except Pharmaceutical Products251

Abadan Petrochemical Co.Chemicals & Chemical products except Pharmaceutical Products252

Paxan Corporation Co.Chemicals & Chemical products except Pharmaceutical Products253

Shazand (Arak Petrochemical Co.)Chemicals & Chemical products except Pharmaceutical Products254

parsian Oil and Gas DevelopmentChemicals & Chemical products except Pharmaceutical Products255

Isfahan Petrochemical Company Co.Chemicals & Chemical products except Pharmaceutical Products256

Petrochemical Industries Investment Co.Chemicals & Chemical products except Pharmaceutical Products257

Fanavaran Petrochemical Co.Chemicals & Chemical products except Pharmaceutical Products258

Farabi Petrochemical Co.Chemicals & Chemical products except Pharmaceutical Products259

Kermanshah Petrochemical Industries Co.Chemicals & Chemical products except Pharmaceutical Products260

Khark Petrochemical Co.Chemicals & Chemical products except Pharmaceutical Products261

Poly acryl Iran Co.Chemicals & Chemical products except Pharmaceutical Products262

Pars Pamchal Chemical Co.Chemicals & Chemical products except Pharmaceutical Products263

Pardis petrochemical Co.Chemicals & Chemical products except Pharmaceutical Products264

Shiraz Petrochemical Co.Chemicals & Chemical products except Pharmaceutical Products265

Fars Chemical Ind. Co.Chemicals & Chemical products except Pharmaceutical Products266

Rangin Industrial & Chemical Co.Chemicals & Chemical products except Pharmaceutical Products267

Sina Chemical Industries Co (SCIC)Chemicals & Chemical products except Pharmaceutical Products268

Chemical Industries Investment Co.Chemicals & Chemical products except Pharmaceutical Products269

Tolypers Co.Real Estate & Construction270




Chemicals & Chemical products except Pharmaceutical ProductsReal Estate & Construction271

Herbicides Production Co.Chemicals & Chemical products except Pharmaceutical Products272

Behnoush Iran Co.Food Products and Beverages except sugar273

Chin Chin Cultivation ComplexFood Products and Beverages except sugar274

DashtMorghab Group Co.Food Products and Beverages except sugar275

Glucosan Co.Food Products and Beverages except sugar276

Gorji Biscuit Co.Food Products and Beverages except sugar277

Pars Animal Feed Co.Food Products and Beverages except sugar278

Kalber Dairy Co.Food Products and Beverages except sugar279

Pak Dairy Co.Food Products and Beverages except sugar280

Pars Minoo Industry Co.Food Products and Beverages except sugar281

Mahram Co.Food Products and Beverages except sugar282

Margarin Co.Food Products and Beverages except sugar283

MazandaranNoosh Co.Food Products and Beverages except sugar284

PiazarCo.Food Products and Beverages except sugar285

Behshahr Industrial Co.Food Products and Beverages except sugar286

Shahdiran Inc.Food Products and Beverages except sugar287

West AzarbaijanPegah Dairy Co.Food Products and Beverages except sugar288

Salemin Co.Food Products and Beverages except sugar289

KhorasanPegah Dairy Co.Food Products and Beverages except sugar290

Isfahan Pegah Dairy Co.Food Products and Beverages except sugar291

Behshahr Industrial Development Corp.Food Products and Beverages except sugar292

Iran Carton Inc.Paper & Paper products293

Kaveh Paper industryPaper & Paper products294

Iran Telecommunications Co.Post and telecommunications295

Boroujerd Textile Co.Textiles296

Iranmerinos Co.Textiles297

Tous Woolen Co.Textiles298

Dr. AbidiPharma Laboratory Co.Pharmaceutical & Medicinal Products299

Alborz Investment Co.Pharmaceutical & Medicinal Products300


t s e . i r



Amin Pharmaceutical Company Co.Pharmaceutical & Medicinal Products301

Aburaihan Pharmaceutical Co.Pharmaceutical & Medicinal Products302

AlborzDarou Co.Technical & Engineering Services303

Pharmaceutical & Medicinal ProductsTextiles304

DamloranRazak Pharmaceutical Co.Pharmaceutical & Medicinal Products305

Daroupakhsh Co.Pharmaceutical & Medicinal Products306

DarouPakhshPharma. Chem. Co.Pharmaceutical & Medicinal Products307

Farabi Pharmaceutical Co.Pharmaceutical & Medicinal Products308

JaberEbneHayyan Pharmaceutical Co.Pharmaceutical & Medicinal Products309

Cosar Pharmaceutical Co.Pharmaceutical & Medicinal Products310

Loghman Pharmaceutical Co.Pharmaceutical & Medicinal Products311

Osvah Pharmaceutical CompanyPharmaceutical & Medicinal Products312

Daroupakhsh Pharmaceutical Mfg. Co.Pharmaceutical & Medicinal Products313

Razak LaboratoriesPharmaceutical & Medicinal Products314

SinaDarou Laboratories Co.Pharmaceutical & Medicinal Products315

Sobhan Pharmaceutical Co.Pharmaceutical & Medicinal Products316

Zahravi Pharmaceutical Co.Pharmaceutical & Medicinal Products317

Exir Pharmaceutical Co.Pharmaceutical & Medicinal Products318

Iranian Parenteral & Pharmaceutical Co.Pharmaceutical & Medicinal Products319

Iran Darou Co.Pharmaceutical & Medicinal Products320

Chimidarou Co.Pharmaceutical & Medicinal Products321

Pars Darou Co.Pharmaceutical & Medicinal Products322

RouzDarou Pharmaceutical Co.Pharmaceutical & Medicinal Products323

Tehran Sheme Co.Pharmaceutical & Medicinal Products324

Temad Co.Pharmaceutical & Medicinal Products325

Tehran Darou Pharmaceutical Co.Pharmaceutical & Medicinal Products326

Kontorsazi Iran Co. (SKI)Medical, Precision & Optical Instruments327

annual report 2012 - tehran stock exchange 2012.pdf · 2014-09-09 · annual report 2012 5 the year...

Documents