MIRA
INFORM REPORT
|
Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WARKA
BANK FOR INVESTMENT & FINANCE J.S.C |
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|
|
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Registered Office : |
50 Al ‑ Wihda, Q
902 , Street 14, Baghdad, Iraq |
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Country : |
Iraq |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
1999 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Central Banking |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name of the company
Warka Bank For Investment
& Finance J.S.C
Rating
Briefing
Current Recommended Credit: 200,000 USD
Payment Record: UNDETERMINED
This rating is based on available data. In the event of additional information
a possibility for a different rating applies.
Registration
Briefing
Registration Number: N/A
Registration Date: 1999
Legal Form: Joint Stock Company
Latest Financials: N/A
Company
Details
Company Name: Warka
Bank For Investment & Finance J S C
Headquarter Address: 50 Al ‑
Wihda, Q 902 , Street 14,
Baghdad,
Iraq
Postal Address: P.O.Box
3559,
Al‑ilwiya
Telephone: +964
17170271
+964
17172828
+964
17174970
+964
17178444
Fax: +964
17179555
E‑Mail: dc@warkainvestmentbank.com
; cd@warkainvestmentbank.com ; ifrd@warkainvestmentbank.com
Web Site: www.warkainvestmentbank.com
Company was
originally started on 1999
Registration
& Legal Details
Current Legal Form: Joint Stock
Company
Registration
Address: 50
Al ‑ Wihda , Q 902 , Street 14,
Baghdad
Registration Date: 1999
Year/Date Company
Established: 1999
Registration Town: Baghdad
Capital
Capital is NOT
disclosed.
Shareholders
Currency: Iraqi Dinar
Established Capital: 500
million
Capital as 31/12/2007 : 51,000 million
Principals
Name: Ms
Rawaa Salim
Additional Information: L/C
Department
Company
Activities
NACE Codes: 6511 Central banking
Warka Bank is one of the largest financial institutions
in Iraq, with strong and growing banking services. The bank was established in
1999 and now it is considered as the first private bank in Iraq.
The bank has emerged as a lead financier, participating in many sectors such
as power , waters , communication , construction and many
other sectors concerning the reconstruction of new Iraq.
Service is delivered through an accessible network of more than 82 branches
covering all Iraqi governorates. Additionally, our e-channel services use the
latest electronic technologies to bring banking into our customers’ homes such
as . Internet, mobile phone banking services and sms banking services and our
ATM’s.
Subject was listed on Iraqi Stock Market on 15/06/2004
Operations
HQ Premises Operates from: Offices
Location: Central Business Area
Other Branches
Subject
has numerous other branches nationally.
Additional
Information: Baghdad,
Arbil , Anbar , Babil, AL
Samawa
, Wasit , Najaf , Ninawa ,
Maysan,
Kirkuk , Karbala, Diwaniyah,
Salahaldin
, Sulaymaniyah , Al Nasiriyah
,
Dohuk , Diyala , Basra
Related
Companies
Information on
Related Companies is not available/applicable
Financial
Information
As Obtained from Iraqi
Stock Market
Currency: Thousand Iraqi
Dinar
|
|
2004 |
2005 |
2006 |
2007 |
|
Current Assets |
200,715,661 |
314,770,056 |
361,159,228 |
670,927,886 |
|
Cash |
148,322,906 |
199,112,177 |
182,593,386 |
400,733,546 |
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Investments |
5,010,687 |
2,051,152 |
1,501,046 |
17,324,487 |
|
Commercial Instruments |
610,194 |
1,024,856 |
756,994 |
41,473 |
|
Loans |
24,814,375 |
13,070,599 |
12,894,560 |
6,756,069 |
|
Monetary Credit |
35,502,611 |
68,245,467 |
99,625,200 |
190,808,088 |
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Debtors |
11,879,457 |
45,361,260 |
77,439,596 |
62,061,764 |
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Fixed Assets |
661,858 |
21,363,634 |
15,741,732 |
27,894,942 |
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Total Assets |
201,377,518 |
336,133,690 |
376,900,960 |
698,822,827 |
|
Current Liabilities |
193,901,399 |
289,388,907 |
319,194,409 |
623,481,328 |
|
Current & Deposit
accounts |
121,434,678 |
187,385,391 |
203,901,645 |
337,625,990 |
|
Creditors |
71,130,960 |
98,067,755 |
106,475,508 |
265,754,696 |
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Nominal Capital |
2,500,000 |
24,000,000 |
31,000,000 |
51,000,000 |
|
Paid Up Capital |
2,500,000 |
24,000,000 |
31,000,000 |
51,000,000 |
|
Reserves |
4,976,119 |
22,744,783 |
26,706,551 |
24,341,500 |
|
Shareholders Equity |
7,476,119 |
46,744,783 |
57,706,551 |
75,341,500 |
|
Net Profit |
13,875,629 |
8,994,027 |
11,337,096 |
632,495 |
Payments
Subject's payments reported to be: UNDETERMINED
Interview
& Reporter Comments
Comment: We
have been unable to contact a company official.
We have sent a fax/e‑mail/questionnaire however no reply has been
received as of yet.
Reporter Comment: A
letter for information was sent however no reply was received as of yet.
Conclusions
Accounts Comments: Full
Financial Statements were unavailable to local analysts so a complete and
accurate picture of the financial strength of the company could not be ascertained.
Our assessment and ratings are
therefore based on non‑financial data.
Age of Business: The
company is long established in the local market.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.97 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)