Archival unit 1
New Baghdad Company (Joint Stock Company) - Baghdad Its authorized capital ⟦...⟧ 200,000 Iraqi Dinars Al-Damerchi Building Phone Number: 89488 and 98016 To the esteemed shareholder Yousif Shaoul Printed at the press ⟦...⟧
IJA 671
Financial and Budget Records, New Baghdad Company
View interactive document pageDescription
This is a folder from the New Baghdad Company containing financial and budget records from 1969-1971.
AI English Translation, Pages 1-25
Archival unit 2
To the New Baghdad Joint Stock Company (Joint Stock Company - Paid-up Capital 200,000 Iraqi Dinars) I, ⟦...⟧, the shareholder in the New Baghdad Joint Stock Company, have appointed ⟦...⟧ and in his absence ⟦...⟧ to attend the General Meeting (Ordinary or Extraordinary) planned to be held on the day ⟦...⟧ of the month ⟦...⟧ And he has the right to vote on my behalf in it and in every meeting to which that meeting is postponed. Date / / 19 Signature ⟦illegible⟧ ⟦illegible⟧ ⟦illegible⟧ Salah ⟦illegible⟧
Archival unit 3
New Baghdad Company (Joint Stock Company) - Baghdad Final accounts for the year ended on March 31, 1971, and the auditor's certificate ⟦illegible⟧ ⟦illegible⟧ ⟦illegible⟧ Salah ⟦illegible⟧ ⟦illegible⟧
Archival unit 4
In the name of God, the Most Gracious, the Most Merciful New Baghdad Company - Joint Stock Company - Baghdad Paid-up capital 200,000 Iraqi Dinars Registered in Baghdad Court of First Instance under No. 1262-57 Registered Administrative Center - Baghdad Serial Number - 1262-57 Established on 7-6-1946 Telegraphic Address - Al-Jadeeda Telephone Number - 89488 and 98016 Baghdad on 6-22-1971 Number - 336 Respected Shareholder After greetings, I am pleased to invite you to attend the twenty-fifth regular annual general meeting of the New Baghdad Company (Joint Stock Company), which has been scheduled to be held at five o'clock in the afternoon on Thursday, July 8, 1971, at Al-Bayan School - formerly Layali Al-Uns Casino, located in New Baghdad, in accordance with Article (39) of the company's bylaws to deliberate on the following matters: 1- Hearing the report of the Board of Directors and approving it 2- Hearing the auditor's report on the balance sheet for the financial year 970-971 3- Discussing the budget for the financial year 970-971 and approving it 4- Appointing the auditor for the financial year 4-1-1971 to 3-31-1972 and determining his fees 5- Electing original members of the Board of Directors in place of the members whose terms have expired, with the election of reserve members for the board and discharging the members of the Board of Directors from the work they performed during the year ending on 3-31-1971. We hope you will attend this meeting on the mentioned date, and in case you are unable to attend personally, please appoint someone to represent you, provided they are someone entitled to vote on their own behalf, by mentioning their name in the attached proxy form and returning it to us so that it reaches us at least 24 hours before the aforementioned meeting. We provide you with a booklet containing: A - The annual Board of Directors report for the financial year ending on 3-31-1971 B - The company auditor's report for the mentioned year C - The balance sheet and profit and loss accounts for the aforementioned year Please accept my highest respect Sincerely, Al-Haj Jassim Al-Samarrai Chairman of the Board of Directors Copy to: Respected Registrar of Companies, please send your representative to the meeting under discussion Respected Secretary General for Monitoring and Managing Funds of ⟦illegible⟧ of Iraqi Nationality, and we request sending your representative to the mentioned meeting Respected Secretary General for Seized Assets due to ⟦illegible⟧ Reform of the Ruling System, we request sending your representative to the mentioned meeting Respected Auditor from Saba & Co., requesting attendance at the mentioned meeting
Archival unit 5
In the name of God, the Most Gracious, the Most Merciful New Baghdad Company - Joint Stock Company - Baghdad Its paid-up capital is (200,000) Iraqi Dinars Registered in Baghdad Court of First Instance under No. 1262 - 57 Board of Directors Report for the fiscal year 970 - 971 ending on 3-31-971 Respected Shareholders, After greetings, The Board of Directors of your company is pleased to present this report to you along with the company's balance sheet for the fiscal year 970-971 as it stands on 3-31-971, which includes details of its assets and liabilities, along with the profit and loss account for the year ending at that time, which contains details of the company's expenses and revenues up to the mentioned date. We state below the most important work carried out by the company: First - Administration a - Based on Article (56) of the company's internal regulations, the membership of each of the gentlemen, Al-Haj Mahdi Al-Samarrai, Al-Haj Ibrahim Al-Samarrai, Al-Haj Shaker Al-Haj Mahmoud, Mr. Nasser Bahia, and Mr. Saad Jamil Al-Madfai has expired. Therefore, the Board of Directors recommends electing five original members in whom you place your trust so that the total number of original members becomes eight. The Board also recommends electing five reserve members to have the same rights and duties as original members when called to the Board. The Board of Directors also requests the discharge of the Board members' liability for the work they performed during the year ending on 3-31-971. b - Land Sales Committee - The Land Sales Committee is still continuing its work, and the company paid an amount of 845.168 dinars as a commission at a rate of 1 percent of the sale price. c - Allowances for Board Members - The company pays allowances to each member of the Board of Directors amounting to (250) dinars annually, and to the Managing Director (2400) dinars annually. d - Donations - The company contributed donations amounting to (110) dinars to two charitable societies, which are the Mauritania Donation Committee and the Philatelic Association for the benefit of commando work. e - In-kind benefits - The Managing Director enjoyed the use of the company's private car for company business. Second - Lands a - The plots of land sold and which were ⟦... registered with⟧ the Tabu Department in the names of their owners during the year, including what was sold in previous years and what was ⟦... sold during⟧ the year ending on 3-31-971, reached an area of (63172.47) m2 and their values reached (87408) ⟦... Dinars⟧
Archival unit 6
No. B D 2279 Baghdad on May 16, 1971 To the members of the New Baghdad Company (Joint Stock Company) Baghdad I have examined the balance sheet of the New Baghdad Company - a joint stock company - in Baghdad as of March 31, 1971 and the profit and loss account for the year ended on that date and the Board of Directors' report prepared in accordance with the provisions of Article 199 of the Companies Law No. 31 of 1957. I have obtained the information and explanations which, to the best of my knowledge and belief, were necessary for the performance of my mission, which I carried out in accordance with recognized auditing procedures, which included the necessary examination of the accounting entries and records and other procedures that I deemed appropriate for this company. 1) A portion of the company's lands was included within the Army Canal project, and some plots of these lands have been settled with the competent authorities, while others are still under settlement. 2) I am unable to express an opinion on the possibility of collecting the amounts required from the shareholders amounting to 30,614.266 Dinars, whose membership has ceased regarding the shares for which their rights were forfeited and were sold at public auction as fully paid for less than their nominal value. In my opinion, the company has maintained appropriate accounting records and books as far as I have reached from my examination of those books, and the attached final financial statements bearing my signature are in agreement with the books, accounts, documents, and summaries provided to me. In my opinion, and as far as I have reached from my examination and from the information given to me, the company has maintained appropriate inventory records and entries, and it has inventoried its goods in accordance with recognized accounting principles and on the same bases followed in the inventory of the previous year, and I have obtained the necessary certificates from the company's managers in this regard. To the best of my knowledge and belief, the financial data contained in the Board of Directors' report bearing my signature is in agreement with the company's records and entries, and the company has maintained its accounts in the manner required by the Companies Law No. 31 of 1957 and the regulations issued thereunder and in accordance with the company's contract and its bylaws, and as far as I have reached from my examination and according to the information and explanations given to me and as recorded in the company's books and records, the balance sheet and the related profit and loss account, in my opinion, clearly express the financial position of the company as of March 31, 1971, and the result of its activity for the year ended at that time. Sabih Al-Tahan - Chartered Accountant From Saba & Co. Chartered Accountants ⟦stamp⟧
Archival unit 7
B - Follow-up is ongoing with the competent authorities regarding the receipt of the remaining value of the plots of land that have been expropriated, as well as for the plots of land whose expropriation process has not been completed and whose values have not been estimated yet, which amount to approximately between (60) thousand to (80) thousand dinars, by the Mayoralty of the Capital for the Army Canal project. The company received from the Mayoralty during the year 970 - 971 ending on 31 - 3 - 971 an amount of (85110.675) dinars only. Third - Works and Maintenance: Maintenance works are ongoing in the company's properties and what belongs to it in the city. Fourth - Financial Position: - The company's revenues for the fiscal year from 1 - 4 - 970 to 31 - 3 - 971 reached (157547.468) dinars. These revenues resulted from profits from the sale of land in the amount of (148183.466) dinars after deducting two amounts: the first (168.845) dinars for the commission of the land sale committee, and the second (4365.657) dinars for land sale brokerage; and from the rental of the company's facilities in the amount of (7955.954) dinars; and from land transfer fees, mortgage of shares, their transfer and loss in the amount of (121.708) dinars; and from miscellaneous revenues in the amount of (337.489) dinars; and from profits from the sale of fixed assets in the amount of (948.851) dinars. It appears from the figures recorded above that the company's sales of land during the mentioned year were at a good rate; therefore, the company is now able to distribute dividends in the amount of (120) fils per share, at a rate of 12% (percent) of the value of one share, this excluding the share of officials, employees, and government institutions according to the provisions of Law No. (101) of 1964 and its amendment. We hope for approval of that, noting that sales have begun to increase at the present time and we hope to obtain good profits in the coming year, especially if the company receives the remaining expropriation compensation amounts from the Mayoralty of the Capital and completes the sale of plot 7/77 (the market), whose value is (157051.049) dinars, as well as completing the sale of the company's houses announced for sale during the next fiscal year. Fifth - General Affairs - There are some lawsuits still under litigation before the competent courts, which are expected to be concluded during the current fiscal year. In conclusion, the Board of Directors extends its abundant thanks and gratitude to the honorable shareholders, as well as to all those who supported and assisted it in conducting its business, asking the Almighty to guide everyone's steps for the public interest under our eternal Republic. Haj Jassim Al-Samarrai Chairman of the Board of Directors
Archival unit 8
File - B.D. 2276 New Baghdad Company (Shareholding Company) - Baghdad Balance Sheet as of March 31, 1971 Statement No. (2) Balance | Accumulated Depreciation | Cost | 1970-3-31 | 970-3-31 Fils Dinar | Fils Dinar | Fils Dinar | Dinar | Fils Dinar | Fils Dinar | Dinar Fixed Assets 831 833847 | 034 194976 | 865 278823 | 89482 | 000 200000 | As per Statement No. (1) - Attached Current Assets 994 228855 | 244603 | Lands at cost 041 800 36 | Debris and materials in Al-Mulahaziya warehouse - after depreciation | 000 3500 Debtors and Debit Balances Debtors for lands not yet registered in Tabu 671 223113 | 90756 | (Contra) | 237 280 Various debtors (including 3010/000 Dinars | 237 24280 | 000 24000 702 30622 | 22547 | secured by mortgages on plots of land) | 237 227780 075 6584 | 7273 | Rent debtors | 420 40258 448 260320 ( 958 3895 ) | Less - Provision for doubtful debts ( 3896 ) 490 256424 Remaining balance due from shareholders whose membership has ceased 266 30614 | due to forfeiture of their rights in shares after being sold at public auction 30888 | 060 1640 050 736 | 806 287774 | Refundable deposits | 520 34 736 | 777 20915 Notes Receivable | 200 Cash in hand and at banks 250 5048 | In hand | 1219 461 17133 | 711 22181 | 311 538849 | At banks | 33006 | 849 283310 | 671 223113 | 178 60197 142 622697 | 516855 | 657 268038 | 206 305901 Authorized, Subscribed and Paid-up Capital 200050 shares at a value of -/5 Dinars per share | 200000 The single share was reduced to one Dinar per share. Capital Reserve Value of buildings and installations by tenants | 3000 Profit Appropriation Account Balance - as per the attached Profit Appropriation Account | 047 Proposed dividend distribution | 35000 Shareholders' Equity Income Tax and National Defense Reserve | 55361 Current Liabilities Creditors and Credit Balances Various creditors (including 1626915 Dinars for Board of Directors' allowances) | 2021 Social Security Fund deposits | 034 Employees' and workers' share of profits | 23577 Total Land Sales Sold lands not yet registered in Tabu (Contra) | 90756 Payments for land sales | 31109 Carried forward | 441400 Carried forward
Archival unit 9
New Baghdad Company (Joint Stock Company) - Baghdad Balance Sheet as of March 31, 1971 ⟦line⟧ Continued Statement No. (A) 2 31-3-1971 | 31-3-1970 Fils Dinar | Fils Dinar | | Fils Dinar | Dinar 142 622,697 | Brought forward | 516,855 | 268,038 657 | 206 305,901 | Brought forward | 441,400 | | | 607 4,207 | | Deposits for land sales | 34,184 | | | 17,554 890 | | Shareholders - for capital reduction | 18,281 | | | 353,695 042 | 26,031 339 | Unclaimed dividends | 22,317 | | | 443 963 | | | 142 622,697 | | 516,855 | 142 622,697 | | Accrued and unpaid expenses | 673 ⟦line⟧ | | ⟦line⟧ | ⟦line⟧ | | | ⟦line⟧ | | | | | | 516,855 | | | | | | ⟦line⟧ On behalf of New Baghdad Company (Joint Stock Company) - Baghdad Authorized Manager Chairman of the Board of Directors Subject to my report No. BD 2276 dated May 16, 1971 Sabih Al-Tahhan - Chartered Accountant From Saba & Co. Chartered Accountants
Archival unit 10
File - BD 2276 Statement No. (B) New Baghdad Company (Shareholding Company) - Baghdad Profit Appropriation Account for the year ended March 31, 1971 Dinar Fils | Dinar Fils | Dinar Fils 54,674 897 | 44,291 804 | Income tax reserve for the current year | 47 597 | Balance as of April 1, 1970 - as per the previous balance sheet | 10,383 063 | National Defense Tax reserve for the current year | 86,985 054 | Net profit - as per the attached profit and loss account | 24,000 000 | Proposed dividend distribution | | 32,077 547 | 8,077 547 | Employees' and workers' share of profits | | 280 237 | | Balance as of March 31, 1971 - as per the balance sheet | | 87,032 651 | | | 87,032 651 | On behalf of New Baghdad Company (Shareholding Company) - Baghdad Subject to my report No. BD 2276 dated May 16, 1971 Authorized Manager Chairman of the Board of Directors Sabih Al-Tahan - Chartered Accountant For Saba & Co. Chartered Accountants
Archival unit 11
File - B D 2276 New Baghdad Company (Shareholding Company) - Baghdad Statement No. (C) Profit and Loss Account for the year ended March 31, 1971 Fils Dinar | 69/70 Dinar | Fils Dinar | Fils Dinar | 69-70 Dinar ... ... | Salary of the Authorized Manager | 2,400 | 153,394 291 | Profits from sale of lands | 170,898 6,869 852 | Salaries and wages | 4,772 | (845 168) | Less - Commission of the land sale committee | (1,271) 1,608 869 | Remuneration of Board of Directors members | 1,758 | (657 4,365) | Brokerage for sale of lands | (573) 496 458 | Guarding fees | 425 | ⟦line⟧ | ⟦line⟧ | ⟦line⟧ 600 ... | Rent of the company's office | 600 | 7,955 954 | Rents of company properties | 7,564 70 973 | Water and electricity | 180 | 1,690.8 | Land transfer fees | 163 232 589 | Telephone fees | 030 | 148.00 | Share transfer fees | 023 199 365 | Stationery and printing | 104 | 489 337 | Miscellaneous revenues | ... 95 240 | Fiscal stamps | 130 | 851 948 | Profits from sale of fixed assets | ... 132 200 | Publicity and advertising | 140 | | | 153 160 | Fees and subscriptions | 457 | | | ... 900 | Legal expenses | 023 | | | 100 605 | Transportation | 201 | | | 703 250 | Car expenses | 518 | | | 104 475 | Building maintenance | 089 | | | 33 ... | Servants' clothing | 026 | | | 120 ... | Legal fees | 135 | | | 110 ... | Donations | 2,276 | | | 2,297 149 | Property tax | 1,501 | | | 45,657 238 | Vacant land tax on company lands | 15,757 | | | 500 050 | Audit fees | 500 | | | 3,107 561 | Paving fees | 224 | | | 182 675 | Miscellaneous expenses | 307 | | | ... ... | Compensations | 125 | | | ⟦line⟧ | ⟦line⟧ | ⟦line⟧ | ⟦line⟧ | ⟦line⟧ | ⟦line⟧ 65,775 559 | Carried forward | 32,678 | 157,547 468 | Carried forward | 176,804
Archival unit 12
New Baghdad Company (Shareholding Company) - Baghdad Profit and Loss Account for the year ended March 31, 1971 Continuation of Statement No. (C) Fils Dinar | Fils Dinar | 69-70 Dinar | Fils Dinar | 69-70 Dinar 65,775 559 | | 32,678 | Brought forward | 176,804 | Brought forward | | 157,547 468 | | Depreciations | | | 3,255 256 | Buildings at 6% annually | 3,460 | | 1,247 970 | Racecourse building at 6% annually | 1,328 | | 23 251 | Water pumps and artesian wells at 20% annually | 029 | | ⟦...⟧ 436 | Tar boiler at 20% annually | 001 | | 1 739 | Machinery and tools at 25% annually | 002 | | 53 410 | Furniture at 10% annually | 059 | | 200 704 | Car at 20% annually | 251 | | 4 089 | Debris and materials in the observation store at 10% annually | 004 | | 4,786 855 | ⟦line⟧ | | | 86,985 054 | Net Profit - transferred to the attached Profit Appropriation Account | 138,992 | | 157,547 468 | ⟦line⟧ | 176,804 | 157,547 468 | 176,804 Subject to my report No. BD 2176 dated May 16, 1971 Sabih Al-Tahan - Chartered Accountant From Saba & Co. Chartered Accountants On behalf of New Baghdad Company (Shareholding Company) - Baghdad Authorized Manager Chairman of the Board of Directors
Archival unit 13
File - B D ⟦line⟧ Balance | Fils Dinar ⟦line⟧ 878 | 11,813 949 | 50,998 230 | 19,551 05 | 93 743 | 1 218 | 5 692 | 580 816 | 802 ⟦line⟧ 831 | 83,847 ⟦line⟧
Archival unit 14
File - B D 2276 Statement No. (1) New Baghdad Company (Joint Stock Company) - Baghdad ⟦line⟧ Fixed Assets as of March 31, 1971 ⟦line⟧ Balance Fils Dinar | Accumulated Depreciation Fils Dinar | Cost Fils Dinar | Lands on which company facilities are built. | Depreciation Rate Declining Balance | 3/31/1970 Dinar 11,813 878 | ⟦line⟧ | 11,813 878 | Lands on which company facilities are built. | — | 11,918 50,998 949 | 125,560 660 | 176,559 609 | Buildings | 6 percent | 55,101 19,551 530 | 59,976 774 | 79,528 304 | Racecourse building | 6 percent | 20,800 930 005 | 5,268 455 | 5,361 460 | Pumps and artesian wells | 20 percent | 116 1 743 | 595 128 | 596 871 | Bitumen boiler | 20 percent | 002 5 218 | 1,280 575 | 1,285 793 | Machinery and tools | 25 percent | 007 580 692 | 647 258 | 1,227 950 | Furniture | 10 percent | 534 802 816 | 1,647 184 | 2,450 000 | Car | 20 percent | 1,004 83,847 831 | 194,976 034 | 278,823 865 | | | 89,482