The responsibility of the directors in relation to the financial statements is set out in the following statement. The responsibility of the auditors, in relation to the financial statements prepared in accordance with the provision of the Companies Act No 7 of 2007, is set out in the Report of the Auditors.
| The financial statements comprise of: |
| • |
a balance sheet, which presents a true and fair view of the state of affairs of the company and its subsidiaries as at the end of the financial year and |
| • |
an income statement, which presents a true and fair view of the profit and loss of the company and its subsidiaries for the financial year; which comply with the requirements of the act.
|
| The directors are required to ensure that, in preparing these financial statements: |
| • |
the appropriate accounting polices have been selected and applied in a consistent manner and material departures, if any, have been disclosed and explained; |
| • |
all applicable Accounting Standards, as relevant, have been followed; |
| • |
judgements and estimates have been made which are reasonable and prudent. |
The directors are also required to ensure that the company has adequate resources to continue in operation to justify applying the going concern basis in preparing these financial statements.
Further, the directors have a responsibility to ensure that the company maintains sufficient accounting records to disclose, with reasonable accuracy the financial position of the company and of the group, and to ensure that the financial statements presented comply with the requirements of the act.
The directors are also responsible for taking reasonable steps to safeguard the assets of the company and of the group and in this regard to give proper consideration to the establishment of appropriate internal control systems with a view to preventing and detecting fraud and other irregularities.
The directors are required to prepare the financial statements and to provide the auditors with every opportunity to take whatever steps and undertake whatever inspections they may consider to be appropriate to enable them to give their independent audit opinion.
Further, as required by Section 56 (2) of the Companies Act No 7 of 2007, the Board of directors have confirmed that the company, based on the information available, satisfies the solvency test immediately after the distribution, in accordance with Section 57 of the Companies Act no 7 of 2007, and has obtained a certificate from the auditors, prior to declaring a final dividend of Rs 1.00 per share for this year, to be paid on 27 June 2008.
The directors are of the view that they have discharged their responsibilities as set out in this statement.
Compliance Report
The directors confirm that to the best of their knowledge, all taxes, duties and levies payable by the company and its subsidiaries, all contributions, levies and taxes payable on behalf of and in respect of the employees of the company and its subsidiaries, and all other known statutory dues as were due and payable by the company and its subsidiaries as at the balance sheet date have been paid, or where relevant provided for, except as specified in Note 35 to the financial statements covering contingent liabilities
By order of the Board
Keells Consultants Ltd.
Secretaries
22 May 2008 |
