A subsidiary of the Iranian Ministry of Defense and Armed Forces Logistics (MODAFL); according to the U.S. Department of the Treasury, part of a network that has facilitated and financed the sale of Iranian unmanned aerial vehicles (UAVs) to Russia on behalf of MODAFL.

According to the U.S. Department of the Treasury, plays a key role in Iran's design, development, manufacture, and sale of thousands of UAVs used by Russia in its war against Ukraine; serves as the main front company overseeing MODAFL's commercial activities related to the sale of UAVs to Russia; in 2022, involved in negotiations with Russian officials to deliver and produce thousands of UAVs per year at the Joint Stock Company Special Economic Zone of Industrial Production Alabuga (SEZ Alabuga) facility in Russia in a deal involving Generation Trading FZE in the United Arab Emirates (UAE).

Also leads a network involved in the sale and shipment of Iranian commodities on behalf of MODAFL to China, Russia, and Venezuela; has entered into time-charter contracts with the India-based company Zen Shipping & Port India Private Limited for the Cook Islands-flagged vessel Chem, managed and operated by the UAE-based company Safe Seas Ship Management FZE; has received ship management services from the Iran-based firm Arsang Safe Trading Co., the India-based firm Sea Art Ship Management (OPC) Private Limited, and the UAE-based firm Trans Gulf Agency LLC; has used Asia Marine Crown Agency as a port agent in Bandar Abbas, Iran; has sold Iranian commodities to the Iran- and UAE-based company Coral Trading EST.

According to the U.S. Department of the Treasury, cooperates with the MODAFL Supply Division to use exchange houses in Iran that manage front companies in other countries to launder revenue generated from foreign oil sales; since 2020, has received transfers in foreign currencies from the MODAFL Supply Division through Seyyed Mohammad Mosanna'i Najibi & Co. Company (Sadaf Exchange), an Iran-based firm affiliated with the Iranian-Turkish money changer Seyyed Mohammad Mosanna'i Najibi; in 2023, received $40 million from MODAFL though the Najibi-controlled firms Meishur Limited, Turpami Limited, and Xaster Co., Limited in Hong Kong; in October 2023, paid $8 million and $15 million to the Najibi-controlled firms Caregis Trading HK Limited and Lzmar Trading Limited in Hong Kong, respectively; in October 2023, transferred $30 million to the MODAFL Supply Division through the Hong Kong-based firms City Base Group Limited and Net Trading Co. Limited via Siavash Nourian & Co. Exchange (Nourian Exchange), an Iran-based firm owned by Siavash Nourian.

According to leaked documents published by an Iranian opposition website, has done business with the National Iranian Oil Company (NIOC) and the National Iranian Tanker Company (NITC); has chartered the NITC-affiliated Iran-flagged oil tanker Dune, which has been used to conduct ship-to-ship transfers with the Panama-flagged oil tanker Baltic Horizon; has chartered the NITC-affiliated Iran-flagged oil tanker Faxon, which has been used to conduct ship-to-ship transfers with the Panama-flagged oil tanker Foshan.

Active in industries including agriculture, construction, electronics, mining, and petroleum and petrochemicals; products include cables, crushing equipment, spike strips, valves, wires, and construction material.

In 2015, sent a delegation of businessmen to Syria; has reached memoranda of understanding to assist Syria with economic development and to export Iranian-made goods to Ghana and Oman; has exported Iranian-made goods to countries in the Persian Gulf.

As of January 2023, shareholders included the Iran-based company Etemad Tejarat Misagh.

Established in 1992.

Sanctions

Added on April 25, 2024, to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), freezing its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism, and Executive Order 14024, which targets the Russian government and entities connected to it for harmful foreign activities; foreign parties facilitating transactions for the entity or otherwise assisting the entity may be subject to U.S. sanctions; also subject to the Iranian Financial Sanctions Regulations; foreign financial institutions facilitating transactions for the entity may be prohibited from opening or maintaining correspondent or payable-through accounts in the United States; subject to heightened export license requirements (with a presumption of denial) due to involvement in activities related to terrorism and Russia's invasion of Ukraine.