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
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, 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.
"The Language of Business: How Accounting Tells Your Story" "A Comprehensive Guide to Understanding, Interpreting, and Leveraging Financial Statements for Personal and Professional Success"