saracen are a british manufacturer, started in the late 80's predominately mtb based, in the early 90's produced high end mtb's with high end prices. late 90's produced more mainstream mtbs, started producing budget road bikes during late 90's and the noughties. whent out of business. think the brand was bought by madison and are now producing high end mtbs again.
the bike in the pic will be aluminium frame and and steel forks, 7 speed probably, basic componetry unless its been upgraded some where over the years, As hacienda said modern equivalent probably carrera tdf, viking etc.
solid bike for introduction into road bikes or commuting or whatever you want to do with it, easily upgraded, I own one but a newer model before they stopped trading, but to be fair the only original parts left on it are the frame.