Draft the Directors' Responsibility Statement of ABC Limited, which is to be incorporated in the Directors' Report.

ABC Limited Director's report The Shareholders ABC Limited Your directors declare that they have applied their judgement in preparation of the annual accounts as per the applicable accounting standards and accounting policies and have prepared the accounts on going concern basis. Your directors specifically report that: In preparing the annual accounts the applicable accounting standards and proper explanations relating to the material departures were followed. The Directors had selected such accounting policies and have applied them consistently and have made such judgements and estimates that were reasonable and prudent to give a true and fair view of the state of affairs of the company at the end of the financial year and profit and loss account for that period. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the Assets of the company and prevention and detection of frauds and other irregularities. The Directors have prepared the accounting records on a going concern basis. The Directors have laid down internal financial controls to be followed by the company and such internal financial controls are adequate and operating effectively. The Directors have devised proper system to ensure compliance with all applicable laws and that such systems are adequate and operating effectively.