| Dear Members,
The Directors here by present the 20th Annual Report on business and
operations of the Company together with the Audited statements of
Accounts for the financial year ended on 31st March 2014.
FINANCIAL PERFORMANCE:
Key aspects of Company' financial performance for the year 2013-14 is
tabulated below:
[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 loss incurred.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
Mr. Anil Mistry, Director of the Company is retires by rotation at the
ensuing Annual General Meeting and being eligible, offer himself for
reappointment.
Mr. MAHENDRA GANATRA Director of the Company, who was appointed as a
Director liable to retire by rotation, be and is hereby appointed as an
Independent Director of the Company to hold office for a period of five
years. Mr. VINEET DEORARI was appointed on 15.03.2014 as an Additional
Director of the Company and holds office up to the date of this Annual
General Meeting be and is hereby appointed as an Independent Director
of the Company for a period of five years.
Mr. Amishkumar Dantara and Mr. Dhanpal Gandhi were ceased as director
w.e.f 15.03.2014 due to resignation.
CHANGE OF NAME:
The name of the Company has been changed to SARAL MINING LIMITED in
terms of Certificate of Incorporation Consequent upon Change of Name
dated 17th day of August, 2011 issued by the Registrar of Companies,
pursuant to approval of the shareholders through passing of Special
Resolution in Extra Ordinary General Meeting dated 12th day of June,
2010, the name of the company was changed from XO INFOTECH LIMITED to
SARAL MINING LIMITED and the approval for the change of Name still
pending with BSE Limited and consequently pending with NSDL and CSDL.
AUDITORS AND AUDITORS' REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors
of the Company, hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment. The observations
made by the Auditors' in their Auditors' Report and the Notes on
Accounts referred to in the Auditors' Report are 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 shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
CORPORATE GOVERNANCE REPORT:
The Company has complied with the requirements of Clause 49 of the
Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the
Listing Agreement with the Stock Exchanges, Report on Corporate
Governance along with the Auditors' Certificate on its compliance is
annexed separately to this Annual Report.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company in not engage in
manufacturing activities. The foreign exchange earnings 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, the Directors of your Company confirm that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 that period;
iii) 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) Directors have prepared the accounts on a "going concern basis".
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, SARAL MINING LIMITED
PLACE: AHMEDABAD
DATE: 25.08.2014
(ANIL MISTRY)
CHAIRMAN |