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Saral Mining Ltd.

BSE: 532116 Sector: Others
NSE: N.A. ISIN Code: INE490B01013
BSE LIVE 15:14 | 25 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.73
PREVIOUS CLOSE 0.76
VOLUME 1002
52-Week high 0.73
52-Week low 0.00
P/E 18.25
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.73
Sell Qty 13398.00
OPEN 0.73
CLOSE 0.76
VOLUME 1002
52-Week high 0.73
52-Week low 0.00
P/E 18.25
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.73
Sell Qty 13398.00

Saral Mining Ltd. (SARALMINING) - Director Report

Company director report

DIRECTORS

Dear Shareholders

Your Directors here by present the 20th Annual Report on business and operations of theCompany together with the Audited statements of Accounts for the financial year ended on31st March 2014.

FINANCIAL PERFORMANCE:

Key aspects of Company’ financial performance for the year 2013-14 is tabulatedbelow:

[Amount in Rupees]
Particular 2013-14 2012-13
Total Income 14106463002 22606314556
Total Expenditure 14107147057 22613667159
Profit/(Loss) Before Extraordinary items and Taxation (684055) (7352603)
Extraordinary items Nil Nil
Profit/(Loss) before Tax (PBT) (684055) (7352603)
Less: Deferred Tax Nil Nil
Net Profit/(Loss) after Tax for the year (684055) (7352603)

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to lossincurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act 1956.

DIRECTORS:

Mr. Anil Mistry Director of the Company is retires by rotation at the ensuing AnnualGeneral Meeting and being eligible offer himself for reappointment.

Mr. MAHENDRA GANATRA Director of the Company who was appointed as a Director liable toretire by rotation be and is hereby appointed as an Independent Director of the Companyto hold office for a period of five years. Mr. VINEET DEORARI was appointed on 15.03.2014as an Additional Director of the Company and holds office up to the date of this AnnualGeneral Meeting be and is hereby appointed as an Independent Director of the Company for aperiod of five years.

Mr. Amishkumar Dantara and Mr. Dhanpal Gandhi were ceased as director w.e.f 15.03.2014due to resignation.

CHANGE OF NAME:

The name of the Company has been changed to SARAL MINING LIMITED in terms ofCertificate of Incorporation Consequent upon Change of Name dated 17th day of August 2011issued by the Registrar of Companies pursuant to approval of the shareholders throughpassing of Special Resolution in Extra Ordinary General Meeting dated 12th day of June2010 the name of the company was changed from XO INFOTECH LIMITED to SARAL MINING LIMITEDand the approval for the change of Name still pending with BSE Limited andconsequently pending with NSDL and CSDL.

AUDITORS AND AUDITORS’ REPORT:

M/s. Y. D. & Co. Chartered Accountants Ludhiana Statutory Auditors of theCompany hold office until the conclusion of the ensuing Annual General Meeting and areeligible for reappointment. The observations made by the Auditors’ in theirAuditors’ Report and the Notes on Accounts referred to in the Auditors’ Reportare self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreementon Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the StockExchanges Report on Corporate Governance along with the Auditors’ Certificate on itscompliance is annexed separately to this Annual Report.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the CompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975 as amended isnot required to be given as there were no employees coming within the purview of thissection.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy technology absorption etc. as required to begiven under Section 217(1)(e) of the Companies Act 1956 are not applicable to ourCompany as our Company in not engage in manufacturing activities. The foreign exchangeearnings on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 theDirectors of your Company confirm that:

i) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

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

iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;

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

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.

For and on Behalf of the Board
For SARAL MINING LIMITED
PLACE: AHMEDABAD (ANIL MISTRY)
DATE: 25.08.2014 CHAIRMAN