Saral Mining Ltd

Dear Shareholders,

Your Directors here by present the Eighteenth Annual Report on business and operationsof the Company together with the Audited statements of Accounts for the financial yearended on 31st March 2012.

FINANCIAL PERFORMANCE:

Key aspects of Company’ financial performance for the year 2011-12 is tabulatedbelow:

[Amount in Rupees]

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisiscompany faces huge set back. So company unable to generate targeted revenue from theoperation the Company hence total Income was stood at Rs. 9756713482/- and has incurrednet loss of Rs. 246748/- for the year ended 31st March, 2012.

The management has taken measures as part of its continuous improvements to strengthenoperations and viability.

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 Mahendra Dolatrai Ganatra Director of the Company is retires by rotation at theensuing Annual General Meeting and being eligible, offer himself for reappointment.

Mr Dhanpal Jitendrakumar Gandhi and Mr Amishkumar Dantara were appointed as additionaldirectors of the Company with effect from 20.03.2012 and are eligible for re-appointmentas directors of the Company at the forthcoming Annual General Meeting and whose period ofoffice will be liable to retire by rotation.

Mr Anil Chandulal Mistry and Mr Shankar Prasad Bhagat were ceased as a Director of theCompany with effect from 20.03.2012 due to resignation. The management appreciated theservices given by him during the tenure of the office as a Director.

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 their Auditors’ Report and theNotes on Accounts referred to in the Auditors’ Report are self-explanatory and do notcall for any further comments.

CHANGE OF NAME:

The name of the Company has been changed to SARAL MINING LIMITED in terms ofCertificate dated 17th day of August, 2011 issued by the Registrar of Companies, pursuantto approval of the shareholders through passing of Special Resolution in Extra OrdinaryGeneral Meeting dated 12th day of June, 2010, the name of the company was changed from XOINFOTECH LIMITED to SARAL MINING LIMITED.

CHANGE OF REGISTRED OFFICE:

During the year under review, company in their EOGM held on 25.04.2011 obtain approvalof member and filed petition before Company Law Board New Delhi for shifting registeredoffice form State of Harayana to State of Gujarat and received CLB order dated 19.09.2011and the same filed with Registrar of companies Gujarat and received certificate ofregistration of CLB order for change of state dated 12.04.2012.

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 exchange earning on account of the operation of the Company during the yearwas 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.