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Statement of Directors Responsibility Responsibility Statement of Chairman, Cheif
Statement of
Directors' Responsibility
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As stipulated by the Companies Act No. 07 of 2007, the Directors are responsible for the preparation and presentation of financial statements comprising an Income Statement for the year and a Statement of Financial Position which presents a true and fair view of the state of affairs of the company as at the end of the financial year, which have to be placed before the AGM.
In keeping with the provisions under the above Act, the Directors of Raigam Wayamba Salterns PLC, acknowledge their responsibility in relation to financial reporting of the company. The responsibilities differ from those of its Auditors, Messrs Ernst & Young, which are set out in their report.
The Financial Statements of the company for the year ended 31 March 2019 included in this report, have been prepared and presented in accordance with the Sri Lanka Accounting Standards (comprising SLFRS & LKAS), and they provide the information as required by the Companies Act No. 7 of 2007, Sri Lanka Accounting Standards (comprising SLFRS & LKAS) and the Listing Rules of the Colombo Stock Exchange. The Directors confirm that suitable accounting policies have been used and applied consistently, and that all applicable accounting standards have been followed in the preparation of the Financial Statements. All material deviations from these standards if any have been disclosed and explained. The judgments and estimates made in the preparation of these Financial Statements are reasonable and prudent.
The Directors confirm their responsibility for ensuring that the Company maintains accounting records, which are sufficient to prepare Financial Statements that disclose with reasonable accuracy, the financial position of the Company. They also confirm their responsibility towards ensuring that the Financial Statements presented in the Annual Report give a true and fair view of the state of affairs of the Company as at 31 March 2019 and that of the profit for the year then ended. The overall responsibility for the Company's internal control systems lies with the Directors. Whilst recognizing the fact that there is no single system of internal control that could provide absolute assurance against material misstatements and frauds, the Directors confirm that the prevalent internal control systems instituted by them and which comprise internal checks, internal audit and financial and other controls are so designed that, there is a reasonable assurance that all assets are safeguarded and transactions properly authorized and recorded, so that material misstatements and irregularities are either prevented or detected within a reasonable period of time.
The Directors are of the view that the Company has adequate resources to continue operations in the foreseeable future, and have continued to use the going concern basis in the preparation of these Financial Statements.
The Directors have provided the External Auditors Messrs. Ernst & Young, Chartered Accountants with every opportunity to carry out reviews and tests that they considered appropriate and necessary for the performance of their responsibilities. The Auditors have examined the Financial Statements together with all financial records and related data they may have considered to be appropriate to enable them to express their opinion.
Compliance Report
The Directors confirm that to the best of their knowledge, all statutory payments relating to employees and the government that were due in respect of the Company & its subsidiary as at end of the reporting period have been paid or where relevant, provided for. By Order of the Board
Dr. Ravi Liyanage
Chairman 23 August 2019
Responsibility Statement of
Chairman, Cheif Executive Officer and Chief Financial officer
The Financial Statements of Raigam Wayamba Salterns PLC and the Consolidated Financial Statements of the Group, as at 31st March 2019, are prepared and presented in conformity with the requirements of the following:
1. Sri Lanka Accounting Standards, issued by the Institute of Chartered Accountants of Sri Lanka.
2. The Companies Act No. 07 of 2007.
Act No. 15 of 1995.
4. Listing Rules of the Colombo Stock Exchange.
5. The Code of Best Practice on Corporate
Governance issued by the Institute of Chartered
Accounts of Sri Lanka.
We confirm that the significant accounting policies used in the preparation of the Financial Statements are appropriate, and are consistently applied, unless otherwise stated in the Notes to the Financial Statements. The significant accounting policies and estimates that involved a high degree of judgment and complexity were discussed with the Audit Committee and our External Auditors.
We have also taken proper and sufficient care in installing systems of internal control and accounting records to safeguard assets and to prevent and detect fraud as well as other irregularities. These have been reviewed, evaluated and updated on an ongoing basis. Reasonable assurances that the established policies and procedures of the Company have been consistently followed were provided by periodic audits conducted by the Group’s internal auditors. However, there are inherent limitations that should be recognized in weighing the assurances provided by any system of internal controls and accounting.
The Audit Committee of the Company meets periodically with the internal auditors and the independent auditors to review the effectiveness of audits, and to discuss auditing, internal control and financial reporting issues. The independent auditors and the internal auditors have full and free access to the Audit Committee to discuss any matter of substance.
The Financial Statements were audited by the independent external auditors, Messrs Ernst & Young, Chartered Accountants. The Audit Committee approves the audit and non-audit services provided by the External Auditor, in order to ensure that the provision of such services do not impair their independence.
We confirm that ² The Company and its subsidiary have complied with all applicable laws, regulations and prudential requirements;
² There are no material noncompliance; and
² There are no material litigations that are pending against the Group
Dr. Ravi Liyanage
Chairman 23 August 2019
Kishan Rohana Thedore
Chief Executive Officer 23 August 2019
Nevinda Jayasooriya
Director Finance 23 August, 2019
