Directors’ responsibility and approval
| The directors of Grindrod Limited have pleasure in presenting the annual financial statements for the year ended 31 December 2008. In terms of the South African Companies Act, 1973, as amended, the directors are required to prepare annual financial statements that fairly present the state of affairs and business of the company and of the group at the end of the financial year and of the profit or loss for that year. To achieve the highest standards of financial reporting, these annual financial statements have been drawn up to comply with International Financial Reporting Standards and the Companies Act of South Africa. The annual financial statements comprise: |
|||||||||||||||||
|
|||||||||||||||||
| The reviews by the chairman, the chief executive officer, the finance director and the detailed operational reports discuss the results of
operations for the year and those matters which are material for an appreciation of the state of affairs and business of the company and of
the Grindrod group. Supported by the audit committee, the directors are satisfied that the internal controls, systems and procedures in operation provide reasonable assurance that all assets are safeguarded, that transactions are properly executed and recorded, and that the possibility of material loss or misstatement is minimised. The directors have reviewed the appropriateness of the accounting policies, and concluded that estimates and judgements are prudent. They are of the opinion that the annual financial statements fairly present in all material respects the state of affairs and business of the company and the group at 31 December 2008 and of the profit for the year to that date. The external auditors, who have unrestricted access to all records and information, as well as to the audit committee, concur with this statement. In addition, the directors have also reviewed the cash flow forecast for the year to 31 December 2009 and believe that the Grindrod group has adequate resources to continue in operation for the foreseeable future. Accordingly, the annual financial statements have been prepared on a going-concern basis and the external auditors concur. The annual financial statements were approved by the board of directors on 25 February 2009 and were signed on their behalf by: |
|||||||||||||||||
| I A J Clark | A K Olivier | ||||||||||||||||
| Chairman | Chief executive officer | ||||||||||||||||