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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 is
a Pakistani food company. It is considered as
one of the largest and oldest food company that
has started its operations in 1933 under the
name of Indian Mildura Fruit Farms Limited in
the British Indian region that has now been
administered byPakistan. It was founded by
Francis J. Mitchell. After the independence of
Pakistan, its name was changed to Mitchell's
Fruit Farms Limited. It is head quartered
in Lahore, Pakistan while the farms and factory
are situated at Renala Khurd, in Okara
District of Punjab, Pakistan.

BOARD OF DIRECTORS OF COMPANY
S. M. Mohsin Chairman Non Executive
Director
Mr. Mujeeb Rashi Chief Executive Officer
& Managing Director
Mrs. Sitwast Mohsin Non Executive
Director
Mr. Mehdi Mohsin Executive Director
Mr. Moaz Mohiuddin Independent, Non Executive
Director
Syed Faisal Imam Non Executive
Director
Ms. Umme Kulsum Imam Non Executive
Director
Mr. Jamal Nasim Non Executive
Director (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: ho@mitchells.com.pk
Web Site:www.mitchells.com.pk..

ENDING DATE OF LATEST FISCAL YEAR OF
COMPANY.

All annual financial statements of any business unti
or firms is prepare at the end of every fiscal year . All
statements of MITCHELLS are prepared at
september 30 of each year. So it is clear to us that
the fiscal year of MITCHELLS october 1 to
SEPTEMBER 30. Shown for under standing
MITCHELLS FRUIT FARM

Balance sheet
For September 30, 2012
For September 30, 2012 shows us the ending date
of fiscal year and next day will start date of fiscal
year.

DESCRIPTION OF COMPANIES PRINCIPAL
PRODUCTS AND SERVICES.

MITCHELLS 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
Chocolates
22 products
Sugar Confectionary
10 products

THE MAIN GEOGRAPHICAL AREA OF MITCHELLS
FRUIT FARM
Mitchells fruit farm is every where in pakistan. But final
products are most suitable in urban area for pakistan, and
the head office in pakistan are in lahore , islambad and
karachi . 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 big
cities i.e Lahore , Islambad , Karachi , Multan , Faisalabad
,Peshawar , Quetta , and other major cities of pakistan.
The distribution geographical network also depends on
product type of company .If I took pickles , there are
more chances that we will get it by any super store in
pakistan in any city but when I go for bottled water then, it
is dificult to see it in even Lahore

AUDITORS NAME AND AUDITORS REVIEW

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

We have audited the balance sheet of Mitchells Fruit Farm Limited as at
september 30 2012 and the related profit and loss accounts, statement
of comprehensive income,cash flow statement and statement of owners
equity togather with notes forming part therof, for the year then ended
and we state that we have obtained all information and explanations
which, to the best of ur knowledge and belief ,were necessary for the
purposes 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 said
statement in conformity with the approved accounting standards and the
requirements of the companies ordience,1984 . Our responsibility is to
express an opinion on these statements based on our audit.

INCOME STATEMENT
MITCHILLS 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 income
taxe expenses
=175,323,676 22,964,486 44,009,003
= 108,350,155

INCOME STATEMENT
Earnings per share = net income/ total number of
share
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 73,425,209
and 2012 is 108,350,155.That show the increase
34,924,946. This show that company is working good
and the earning per share is also increased
from14.57 to 21.50 which show good returns to share
holder and this incearse also attract to new people to
finance.

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

BALANCE SHEET
For , Sep, 30, 2012
Asset = liabilities +owners 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 and
liabilities sied are equal to each other.

BALANCE SHEET
the balance sheet of Mithchels 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 impairment
loss. Freehold land is stated at cost less any
identified impairment loss.
ACCOUNTING STANDARDS POLICIES
Capital work-in-progress is stated at cost less
any identified impairment loss. All expenditure
connected with specific assets incurred during
installation and construction period are carried
under capital work-in-progress. These are
transferred to operating fixed assets .
Intangible assets represents the cost of
computer software acquired and stated at cost
less accumulated amortization and any
identified impairment loss

RELATIONSHIP AMONG FINANCIAL
STATEMENTS
1.Income statement relation ship with statement of
changes in equity
The income statement for sep 30, 2012 shows th net
income after income taxes of 44,009,003 .
This amount of income is further noted in statement of
equity for SEP, 30,2012 and Mitchals total equtiy at the
end of SEP, 30 , 2012 comes 432,565,126.
2.Statement of changes in equity s relationship with
balance sheet statement
This amount of equity is enter in balance sheet for SEP
,30, 2012 and we get our total liabilities plus total equity
exactly equal to our total asset that are equal to
814,085,703.

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