Annual Report 2009/10 - Colombo Stock Exchange

14 Sierra Cables PLC - Annual Report 2009/10 Connecting Sri Lanka to Progress
Group Chief Executive's
and Group Chief Financial Officer's Declaration
The Financial Statements have been prepared in compliance with the
Sri Lanka Accounting Standards issued by the Institute of Chartered
Accountants of Sri Lanka as per the requirements of the Companies
Act No. 07 of 2007, and any other applicable statutes to the extent
applicable to the Company and the Group. There are no departures
from the prescribed accounting standards in their adoption. To the best
of our knowledge, the Accounting Policies used in the preparation of
the Financial Statements are appropriate and are consistently applied
unless otherwise stated in the notes accompanying the Financial
Statements.
We the Group Chief Executive and Group Chief Financial Officer
accept responsibility for the integrity and objectivity of these Financial
Statements. The estimates and judgments relating to the Financial
Statements were made on a prudent and responsible basis after
making all reasonable enquiries in order that the Financial Statements
reflect in a true and fair view, the form and substance of transactions,
and reasonably present the company and the Group's state of affairs.
To ensure this, Sierra Cable PLC, has taken proper and sufficient care
in implementing a system of internal control and accounting records,
for the safeguarding of assets, and preventing and detecting of fraud
as well as other irregularities. Internal controls are reviewed, evaluated
and updated on an ongoing basis and effective functioning of Board
Audit Committee ensures that the internal controls and procedures are
followed consistently.
The Financial Statements were audited by Messrs. KPMG Ford,
Rhodes, Thornton & Co, Chartered Accountants, the Independent
Auditors.
The Company's Board Audit Committee meets periodically with
the Independent Auditors to review the manner in which they are
performing their responsibilities, adherence to statutory and regulatory
requirements, and to discuss auditing, internal control and Financial
reporting issues. To ensure complete independence, the independent
auditors have full and free access to the members of the Board Audit
Committee to discuss any maters of substance.
It is also declared and confirmed that after making all reasonable
enquiries and to the best of our knowledge the Company and the
Group has compiled with, and ensured compliance by the auditors with
the guidelines for the audit of Listed Companies wherever mandatory
compliance is required. It is further confirmed that all other guidelines
have been complied with.
We confirm that the Company and the Group have compiled with all
applicable laws, regulations, and guidelines and there are no material
litigation against the Group other than those disclosed in the Notes to
the Financial Statements of the Annual Report.
We also confirm that to the best of our knowledge all taxes, duties,
levies and all statutory payments by the Company and the Group and
all contributions, levies and taxes payable on behalf of and in respect
of the employees of the Company and the Group as at the Balance
Sheet date have been paid, or where relevant provided for.
D.S. Panditha
Executive Director
Ms. Lalanthi Y. De Silva
Chief Financial Officer