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| Statement of Directors’ Responsibilities for financial statements | ||||||||
| The Companies Act No. 7 of 2007 required the Directors to prepare and present Financial Statements for each financial year giving a true and fair view of the state of affairs of the Company and the Group as at the end of the financial year and the profit or loss of the Company and the Group for the financial year. The responsibilities of the Directors in relation to the Financial Statements of the Company and the Group are set out in following statement. The responsibility of the Auditors in relation to the Financial Statements appears in the report of the Auditors on page 103. As per the provision of the Companies Act No. 7 of 2007 the Directors are required to prepare for each financial year and place before a general meeting of shareholders the Financial Statements, which comprise:
In addition, the Directors have to ensure that in preparing the Financial Statements:
The Directors are responsible for ensuring that the companies within the Group keep sufficient accounting records to disclose with reasonable accuracy, the financial position of the Company and the Group as required by the Companies Act No. 7 of 2007 and the listing rules of the Colombo Stock Exchange. The Directors are required to provide the Auditors with every opportunity to take what ever steps necessary and undertake any inspection deemed necessary to enable them to form their audit opinion. Messrs KPMG Ford, Rhodes, Thornton & Company the auditors of the Company have examined the Financial Statements and the related records and information. Their opinion on Financial Statements are given on page 103. The Directors are also responsible for taking reasonable measures to safeguard the assets of the Group, and in that context to have proper regard to the establishment of appropriate systems of internal control with a view to prevention and detection of fraud and other irregularities. The Directors, having reviewed the financial budget and cash flows for the year to 31st March 2009 and the bank facilities, consider that the Group has adequate resources to continue in operation, and have continued to adopt the going concern basis in preparing Financial Statements. By Order of the Board,  B.C.S.A.P. Gooneratne Secretary Colombo 9th May 2008 |