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FINANCIAL ACCOUNTING PRESENTATION

Group MemebersWaleed Nadeem 13p00028

Mubashar Hussain 13p00065



INTRODUCTION OF THE COMPANY:

Mitchell's Fruit Farms Limited or Mitchell's isa Pakistani food company. It is considered asone of the largest and oldest food company thathas started its operations in 1933 under the

name of Indian Mildura Fruit Farms Limited inthe British Indian region that has now beenadministered byPakistan. It was founded byFrancis J. Mitchell. After the independence of

Pakistan, its name was changed to Mitchell'sFruit Farms Limited. It is head quarteredin Lahore, Pakistan while the farms and factoryare situated at Renala Khurd, in OkaraDistrict of Punjab, Pakistan.

http://en.wikipedia.org/wiki/British_India

http://en.wikipedia.org/wiki/Pakistan

http://en.wikipedia.org/wiki/Independence_of_Pakistan


http://en.wikipedia.org/wiki/Lahore

http://en.wikipedia.org/wiki/Renala_Khurd

http://en.wikipedia.org/wiki/Okara_District


http://en.wikipedia.org/wiki/Punjab,_Pakistan

http://en.wikipedia.org/wiki/Punjab,_Pakistan







http://en.wikipedia.org/wiki/Lahore



http://en.wikipedia.org/wiki/Pakistan

http://en.wikipedia.org/wiki/British_India



BOARD OF DIRECTORS OF COMPANY

S. M. Mohsin Chairman Non ExecutiveDirector

Mr. Mujeeb Rashi Chief Executive Officer

& Managing Director

Mrs. Sitwast Mohsin Non Executive

Director Mr. Mehdi Mohsin Executive Director

Mr. Moaz Mohiuddin Independent, Non ExecutiveDirector

Syed Faisal Imam Non ExecutiveDirector

Ms. Umme Kulsum Imam Non ExecutiveDirector

Mr. Jamal Nasim Non ExecutiveDirector (NIT Nominee)



CORPORATE OFFICE OF COMPANY

# Locationof Head Office.

Corporate Office is located at the following

address. 40-A,Zafar Ali Road, Gulberg -V,Lahore

Phones: (042) 35872392-97

Fax: (042) 35872398 E-Mail: [email protected]

Web Site:www.mitchells.com.pk..



ENDING DATE OF LATEST FISCAL YEAR OF

COMPANY

All annual financial statements of any business untior firms is prepare at the end of every fiscal year . Allstatements of MITCHELL’S are prepared atseptember 30 of each year. So it is clear to us that

the fiscal year of MITCHELL’S october 1 toSEPTEMBER 30. Shown for under standing

MITCHELL’S FRUIT FARM

Balance sheet For September 30, 2012

“For September 30, 2012” shows us the ending dateof fiscal year and next day will start date of fiscal

year.



DESCRIPTION OF COMPANIES PRINCIPAL

PRODUCTS AND SERVICES

MITCHELL’S FRUIT FARM has two type of

product

Grocery product

Confectionary product



GROCCERY PRODUCTS OFCOMPANY

Grocery product Jam, jellies and marmalade

15 products

Squashes and syrups

22 products

Ketchups and sauces

20 products

Canned food

19 products

Fruit drinks 13 products



CONFECTIONARY PRODUCT OFCOMPANY

.Confectionary product

Chocolates22 products

Sugar Confectionary

10 products



THE M IN GEOGR PHIC L RE OF MITCHELL’S

FRUIT FARM

Mitchell’s fruit farm is every where in pakistan. But finalproducts are most suitable in urban area for pakistan, andthe head office in pakistan are in lahore , islambad andkarachi . So these act as hubs for strong networking.Mitchells have good market control over market .The sale

of company shows that they have major sale in all bigcities i.e Lahore , Islambad , Karachi , Multan , Faisalabad,Peshawar , Quetta , and other major cities of pakistan.

The distribution geographical network also depends onproduct type of company .If I took pickles , there are

more chances that we will get it by any super store inpakistan in any city but when I go for bottled water then, itis dificult to see it in even Lahore



UDITOR’S N ME ND UDITOR’S REVIEW

Name The independent auditor of Mitchell’s company is an auditing firm A.F.Ferguson & Company (Chartered Accountants)

We have audited the balance sheet of Mitchell’s Fruit Farm Limited as at

september 30’ 2012 and the related profit and loss accounts, statementof comprehensive income,cash flow statement and statement of owner’sequity togather with notes forming part therof, for the year then endedand we state that we have obtained all information and explanationswhich, to the best of ur knowledge and belief ,were necessary for thepurposes of our audit.

It is responsibilty of company;’s management to establish and maintain a

systwm of internal control, and prepare and present the abobe saidstatement in conformity with the approved accounting standards and therequirements of the companies ordience,1984 . Our responsibility is toexpress an opinion on these statements based on our audit.



INCOME STATEMENT

MITCHILL’S FRUIT FARM has multistep income statement. Gross profit = net sale - cost of good sold

Gross profit = 1,884,503,125 – 1,421,375,606

= 462,767,519

Income from operation = gross profit – admistration expens –

distribution and marketing expenses- other operating expenses +

other operation income

= 462,767,519 – 84,567,766 – 206,795,747 -12,104,042+160,623,676

= 175,323,158

Net income = income from operations – interest expense – incometaxe expenses

=175,323,676 – 22,964,486 – 44,009,003

= 108,350,155



INCOME STATEMENT

Earnings per share = net income/ total number ofshare

Total number of share= 5,040,000

Net income = 108,350,155

Earning per share = 108,350,155/5,040,000 = 21.50

The net income of company 2011 was 73,425,209and 2012 is 108,350,155.That show the increase

34,924,946. This show that company is working goodand the earning per share is also increasedfrom14.57 to 21.50 which show good returns to shareholder and this incearse also attract to new people tofinance.



INCOME STATEMENT

Identify any gains or losses: there was no gain or loss

Non-operating items:

no operating item is mentioned

Income taxes:

The income tax amount in 2012 is Rs.(44,009,003)and in 2011 is Rs. (34,721,057).

Earnings per Share:

Earnings per share of the company are as follows year 2012= EPS Basic: 21.50

year 2011= EPS Basic: 14.57



BALANCE SHEET

For Sep ,30 ,2011

Asset = liabilities +owner’s equity

763,421,179 =403,926,208+359,494,971

763,421,179 = 763,421,179



BALANCE SHEET

For , Sep, 30, 2012

Asset = liabilities +owner’s equity

814,085,703 = 381,520,577+432,565,125 814,085,703 = 814,085,703

Balance sheets of both years of 2011 and

2012 are showing that both asset side andliabilities sied are equal to each other.



BALANCE SHEET

the balance sheet of Mithchel’s fruit farm is

classified balance sheet, in which different

categories or items are given.



BALANCE SHEET INCLUDES

Current asset Stors,spares and tools Stock in trade

Trade debt

Advances ,deposited and receivable

cash and bank balances Non current assets

Property, plant and equipment

Intangible asset Biological asset Liabilities of the company component

Current liabilities

Short run debt payable

Creditors accrued and other liabilities Accrued finance cost on Short term running finance

Non current asset

Deferred liabilities Capital and reserves

Issued ,subscribed and paid in capital

Reserves

Inappropriate profit



ACCOUNTING STANDARDS\POLICIES;

These financial statements have been

prepared in accordance with approved

accounting standards as applicable in

Pakistan

Operating fixed assets except freehold land

are stated at cost less accumulated

depreciation and any identified impairmentloss. Freehold land is stated at cost less any

identified impairment loss.



ACCOUNTING STANDARDS POLICIES

Capital work-in-progress is stated at cost lessany identified impairment loss. All expenditureconnected with specific assets incurred duringinstallation and construction period are carriedunder capital work-in-progress. These aretransferred to operating fixed assets .

Intangible assets represents the cost of

computer software acquired and stated at costless accumulated amortization and anyidentified impairment loss



RELATIONSHIP AMONG FINANCIAL

STATEMENTS

1.Income statement relation ship with statement ofchanges in equity

The income statement for sep 30, 2012 shows th netincome after income taxes of 44,009,003 .

This amount of income is further noted in statement ofequity for SEP, 30,2012 and Mitchal’s total equtiy at theend of SEP, 30 , 2012 comes 432,565,126.

2.Statement of changes in equity ‘s relationship withbalance sheet statement

This amount of equity is enter in balance sheet for SEP,30, 2012 and we get our total liabilities plus total equityexactly equal to our total asset that are equal to814,085,703.

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