The Statement of Directors’ Responsibility

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 provisions of the Companies Act No. 7 of 2007, is set out in the Report of the Auditors.

The Directors are responsible under the Companies Act No. 7 of 2007, to ensure compliance with the requirements set out therein to prepare 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 of the profit and loss of the Company and the Group for the financial year. The Directors are also responsible under Section 148 for ensuring that proper accounting records are kept to disclose, with reasonable accuracy, for the financial position and enable preparation of the Financial Statements. The Directors have taken adequate steps to ensure that the Company and its subsidiaries maintain sufficient accounting records to disclose, with reasonable accuracy the financial position of the Company and its subsidiaries.

The Financial Statements comprise of;

1. 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.
2. Income statement of the Company and its subsidiaries, which presents a true and fair view of the profit and loss of the Company and its subsidiaries for the financial year.

The Directors are required to confirm that the Financial Statements have been prepared;

3. Using appropriate accounting policies which have been selected and applied in a consistent manner, and material departures, if any disclosed and explained; and
4. Presented in accordance with the Sri Lanka Accounting Standards; and that
5. Reasonable and prudent judgments and estimates have been made so that the form and substance of transactions are properly reflected; and
6. Provides the information required by and otherwise comply with the Companies Act No. 7 of 2007 and the Listing Rules of the Colombo Stock Exchange

The Directors are also required to ensure, based on their knowledge of the Company and the key operations, that the Company and its subsidiaries have adequate resources to continue in operation to justify applying the going concern basis in preparing these Financial Statements.

The Directors are also responsible for taking reasonable steps to safeguard the assets of the Company and of its subsidiaries 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 External Auditors, Messrs. Ernst & Young, reappointed in terms of Section 158 of the Companies Act were provided with every opportunity to take whatever steps and undertake whatever inspections that they considered being appropriate to enable them to give their audit opinion on the Financial Statements. The Report of the Auditors, shown in the section on Independent Auditors’ Report sets out their responsibilities in relation to the financial Statements. Further 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 statutory 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 specified in Note 31.1.3 to the Financial Statements covering contingent liabilities.

BOKUTO YAMAUCHI
Non Executive Chairman

HANIF YUSOOF
Director

30 June 2023