Annual Report 10/11 - ACL Cables PLC

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ACL Cables PLC Annual Report 2010/11Report of the DirectorsDividendsThe Board of Directors have decided not to declare a dividend for the year 2010/2011.DonationsDonations amounting to Rs. 1,450,445 (Group Amount) were made during the year under review.Appointment of Auditors1) Messrs. PricewaterhouseCoopers, have expressed their willingness to continue in office asAuditors of the Company for the year ending 31st March 2012. A resolution pertaining to theirreappointment and authorizing the Directors to determine their remuneration will be proposedat the Annual General Meeting.By Order of the Board(Sgd.)Corporate Affairs (Private) LimitedSecretaries25th August 201140
ACL Cables PLC Annual Report 2010/11Directors' Responsibility for Financial ReportingThe Board accepts responsibility for the preparation and fair presentation of Financial Statementsin accordance with Sri Lanka Accounting Standards. This responsibility includes: designing,implementing and maintaining internal controls relevant to the preparation and fair presentationof Financial Statements that are free from material misstatement whether due to fraud or error;selecting and applying appropriate accounting policies; and making accounting estimates that arereasonable in the circumstances.In discharging this responsibility, the Directors have instituted a system of internal financialcontrols and a system for monitoring its effectiveness. The system of controls provide reasonableand not absolute assurance of safeguarding of Company’s assets, maintenance of properaccounting records and the reliability of financial information.The Financial Statements reflect a true and fair view of the state of affairs of the Company and theGroup as at 31st March 2011 and provide the information required by the Companies Act No. 7of 2007. The Financial Statements have been prepared on the going concern basis as the Board issatisfied that the Company will continue its operations in the foreseeable future.Approval of Financial StatementsThe Directors’ Report and the Financial Statements of the Company and of the Group wereapproved by the Board of Directors on 25th August 2011By Order of the Board(Sgd.)Corporate Affairs (Private) LimitedSecretaries25th August 201141
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Annual Report 10/11 - ACL Cables PLC

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