ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

statement of directors’ responsibilityDirectors’ Responsibilities forthe Preparation of the FinancialStatementsThis Statement of Directors’responsibilities is to be read inconjunction with the Report of theAuditors and is made to distinguish therespective responsibilities of the Directorsand of the Auditors in relation to theFinancial Statements contained in thisAnnual Report.The Directors of the Company arerequired by the provisions of theCompanies Act No. 7 of 2007 to prepareFinancial Statements which give a trueand fair view of the state of affairs of theCompany as at the end of the financialyear, and of the Profit and Loss and Cashflows of the Company for the financialyear.The Directors confirm that the FinancialStatements of the Company for the yearended 31st March 2013, presentedin the Report have been preparedin accordance with the Sri LankaAccounting Standards (SLFRS), whichcame into effect from 1st January 2012and the Companies Act No. 7 of 2007. Ithas provided the information required byand otherwise complied with the ListingRules of the Colombo Stock Exchange(CSE) and the Code of Best Practice onCorporate Governance, issued jointly bythe Institute of Chartered Accountantsof Sri Lanka (ICASL) and the Securitiesand Exchange Commission of Sri Lanka(SEC).In preparing the Financial Statements,the Directors have selected appropriateaccounting policies and have appliedthem consistently. Reasonable andprudent judgments and estimates havebeen made and applicable accountingstandards have been followed and theFinancial Statements have been preparedon a going concern basis.The Directors are of the view thatadequate funds and other resources areavailable within the Company for it tocontinue in operation for the foreseeablefuture.The Directors have taken all reasonablesteps expected of them to safeguard theassets of the Company and to establishappropriate systems of internal controlsin order to prevent, deter and detectany fraud, misappropriation or otherirregularities.The Directors have also taken allreasonable steps to ensure that theCompany maintains adequate andaccurate accounting books of recordswhich reflect the transparency oftransactions and provide an accuratedisclosure of the Company’s financialposition.The Directors are required to provide theAuditors with every opportunity to takewhatever steps and undertake whateverinspection they consider appropriate forthe purpose of enabling them to give theirindependent Audit Report. The Directorsare of the view that they have dischargedtheir responsibilities in this regard.Compliance ReportThe Directors confirm that, to the bestof their knowledge, all taxes, dutiesand levies payable by the Companyand all contributions, levies and taxespayable on behalf of and in respect ofPASSIONASIAN HOTELS AND PROPERTIES PLC 124Annual Report 2012 /13the employees of the Company, and allother known statutory dues as were dueand payable by the Company as at theBalance Sheet date have been paid orprovided for, except as specified in Note41 to the Financial Statements coveringContingent Liabilities.Further, as required by Section 56 (2) ofthe Companies Act No. 7 of 2007, theBoard of Directors have confirmed thatthe Company, satisfies the SolvencyTest immediately after the distribution,in accordance with Section 57 of theCompanies Act No. 7 of 2007, and haveobtained a certificate from the Auditors,prior to declaring the Interim dividend ofRs 1/- per share and the final dividend ofRs. 3/- per share for this financial year.By Order of the BoardKeells Consultants (Private) LimitedSecretaries23rd May, 2013