Directors Report of Artillegence Bio-Innovations Ltd.

Mar 31, 2011

The Directors present Annual Report along with the Audited Statement of Accounts of the Company for the year ended 31st March, 2011.

FINANCIAL HIGHLIGHTS March'2011 March'2010

Profit/(Loss) before Tax (2813608.65) 38429.22

Less: Income Tax Paid 11566.00 --

Less: Fringe Benefit Tax -- 773.00

Profit/(Loss) after Tax (2825174.65) 37656.22 Balance being Profit/(Loss) brought

Forward from Previous Year 169214.12 131557.90

Balance being Profit/(Loss) carried

Over to Balance Sheet (2655960.53) 169214.12

DIVIDEND :

In view of Loss, your Directors do not propose any dividend for the year.

FIXED DEPOSITS :

The Company has not accepted any deposits under the provision of Section 58A of the Companies Act, 1956 and the rules made there under and therefore the unclaimed deposits are nil.

DIRECTOR ;

Mr. Mr. Ram Chandra Singh, Mr. N. K. Pal and Mr. Hiranand Jha were appointed as an additional Director of the Company to hold the office as such till the conclusion of the forth coming Annual General Meeting. A notice has been received from the share holders proposing their appointment as Directors of the Company.

Mrs. M. D. Asopa, Mr. Ashim Sarkar, Mr. D. N. Shah, Mr. Anil D. Doshi, Mrs. S. Palchoudhuri, and Mr. Diwakar Chowdhary resigned from the Board of Directors during the period.

DIRECTORS' RESPONSIBILITY STATEMENT :

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed :

i) That in the preparation of the annual accounts, the applicable accounting standards have been followed;

ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review ;

iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

iv) That the Directors have prepared the annual accounts on a going concern basis. PARTICULARS REGARDING EMPLOYEES :

In accordance with the requirement of Section 217 (2A) of the Companies Act, 1956 there is no employees of the Company who was in receipt of remuneration to the extent of Rs. 12,00,000/- or more per year or Rs. 1,00,000/- per month or more for a part of the year.

PARTICULARS REQUIRED AS PER LISTING AGREEMENTS WITH STOCK EXCHANGES :

The Securities of the Company are listed in the Calcutta Stock Exchange Association Limited & The Stock Exchange, Mumbai and listing fees have been paid of the exchange.

CORPORATE GOVERNANCE :

As per Clause 49 of the Listing Agreement with the Stock Exchange a Report on Corporate Governance together with the Auditor's Certificate on the compliance so conditions of Corporate Governance from part of the Annual Report.

OTHER ASPECTS:

Provision as to conservation of energy, technology absorption and foreign exchange earning and outgo are not applicable to the Company.

AUDITORS:

M/s. Naushad Ahmed & Co., Chartered Accountants, hold office until the conclusion of the forthcoming Annual General Meeting of the Company and being eligible offer themselves for re-appointment.

BY ORDER OF THE BOARD

Place: Howrah

Sd/- R. C. Singh

Dated : 05/08/2011

(DIRECTOR)

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Mar 31, 2010

The Directors present Annual Report alongwith the Audited Statement of Accounts of the Company for the year ended 31st March, 2010.

FINANCIAL HIGHLIGHTS:- March2010 March2009

Profit before Tax 38429.22 95615.15

Less: Income Tax Paid - 718.00

Less : Fringe Benefit Tax 773.00 --

Profit after Tax 37656.22 94897.15

Balance being Profit/(Loss) brought

Forward from Previous Year 131557.90 36660.75

Balance being Profit/(Loss) carried -- --

Over to Balance Sheet 169214.12 131557.90

DIVIDEND:

In view of in adequate Profit, your Directors do not propose any dividend for the year.

FIXED DEPOSITS:

The Company has not accepted any deposits under the provision of Section 58A of the Companies Act, 1956 and the rules made there under and therefore the unclaimed deposits are nil.

DIRECTOR:

Pursuant to provision of Section 256 of Companies Act, 1956 Mr. D. Chowdhary and Mr. A. Sarkar retires by rotation but being eligible offer themselves for re-appointment.

DIRECTORS RESPONSD3DLITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the annual accounts, the applicable accounting standards have been followed;

ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review ;

iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

iv) That the Directors have prepared the annual accounts on a going concern basis.

PARTICULARS REGARDING EMPLOYEES:

In accordance with the requirement of Section 217 (2A) of the Companies Act,1956 there is no employees of the Company who was in receipt of remuneration to the extent of Rs. 12,00,000/- or more per year or Rs. 1,00,000/- per month or more for a part of the year.

PARTICULARS REQUIRED AS PER LISTING AGREEMENTS WITH STOCK EXCHANGES :

The Securities of the Company are listed in the Calcutta Stock Exchange Association Limited & The Stock Exchange, Mumbai and listing fees have been paid of the exchange.

CORPORATE GOVERNANCE :

As per Clause 49 of the Listing Agreement with the Stock Exchange a Report on Corporate Governance together with the Auditors Certificate on the compliance of conditions cf Corporate Governance from part of the Annual Report.

OTHER ASPECTS:

Provision as to conservation of energy, technology absorption and foreign exchange earning and outgo are not applicable to the Company.

AUDITORS:

M/s. T. N. Datta & Associates, Chartered Accountants, hold office until the conclusion of the forthcoming Annual General Meeting of the Company and being eligible offer themselves for re-appointment.

BY ORDER OF THE BOARD Place: Howrah

Sd/- S. Palchoudhuri Dated: 01/09/2010 (DIRECTOR)