1995 BUSINESS FORMS LIMITED DIRECTOR'S REPORT Your directors are pleased to present the Annual Report together with the Audited Accounts of your Company for the year ended 31st March, 1995. Financial Results The performance of your Company has shown a significant improvement during the year under review. The overall sales turnover has increased by about 29% whereas the profit before taxation has increased by about 10% The accounts, for the year under review after meeting expenses and providing for Rs 45,91,053/- by way of depreciation and amortisation and Rs 47,44,709/- by way of interest, show a profit of Rs 99,45,306/- to which has been added the brought forward profit of Rs. 70,80,496/- of the previous year Out of the profit, Rs. 46,64,105/- is proposed to be paid as dividend for the year under review, Rs. 3,00,000/- has been transferred to the general reserve and Rs 1,20,61,697/- is the profit being carried forward. Dividend Considering the profit earned by your Company during the year under review, your Directors are pleased to recommend the payment of dividend @ 10% (subject to deduction of tax at source) on the paid up capital. Operations Your Company has been continually focussing on value added products in specific market segments for increased profitability and this strategy has started to pay off. The machinery division of your Company has done fairly well during the year and an even brighter future for this division is in store in view of the fact that the Company is negotiating a number of export contracts which have reached an advanced stage. Future Prospects Your Company has been successful in the past in bagging large export orders for turnkey projects. These projects under implementation are valued at over Rs. 6.0 crores and would contribute significantly to the bottom line when completed. Your Company's target for the current financial year is to have an export order booking of Rs. 15.00 crores. Conservation of Energy Your Company's operations do not entail a high level of energy consumption and efforts to conserve and optimise the use of energy through improved operational methods are always being made. Technology Your Company has been utilising indigenously developed know-how within the Company itself and during the period under review, several improvements were made in the processes utilised to improve the quality of finished products and to introduce new products. Foreign Exchange Earnings and Outgo As reported earlier, your Company is making persistent efforts to generate foreign exchange earnings through exports. Foreign exchange utilised mainly for import of spare parts (not available indigenously) amounted to Rs. 1.22 lakhs. The Company on the other hand earned foreign exchange to the tune of Rs. 128.09 lakhs from exports during the year. The Company utilized Rs. 57.77 lakhs in foreign currency during the year towards travelling and other export market promotion expenses. Employees Yours Directors are pleased to place on record their sincere appreciation of the contributions made by the employees at all level and the cooperation extended by them during the year. The particulars of employees as required to be furnished in terms of Section 217(2A) of the Companies Act, 1956 read with Company's (Particulars & Employees, Rule, 1975 are not attracted during year. Directors Mr. B. R. DasGupta retires by rotation and being eligible, offers himself for re-appointment. Auditors M/s. L B Jha & Co., Chartered Accountants retire at the conclusion of the forthcoming Annual General Meeting and offer themselves for reappointment. Acknowledgement Your Directors record their sincere appreciation of the assistance extended to the Company by the Banks, Financial Institutions and the Governments bodies. Your directors are also grateful to all shareholders of the Company for their continued support. On behalf of the Board B R Dasgupta Director Place : Calcutta Dated : 20th November, 1995.