1995 PEERLESS ABASAN FINANCE LIMITED CHAIRMAN'S STATEMENT I have great pleasure in welcoming the members of the Company to its 5th Annual General Meeting and the second after issue of shares to the public. The year gone by will, I am sure, be remembered as a year of great events in the Country's history. Our country has already crossed several major land marks in pursuit of the new economic policy initiated by our Government during the year. Liberalisation by the Government is having its effects in almost all sectors of the economy and is expected to generate long term sustainable growth in the economy of the country. The budget for the year 1995-96 is expected to provide all round growth of the country and appears to have generated a favourable climate of investment in the country by foreign investors both in industrial as well as financial sectors. PERFORMANCE PAFL has emerged as one of the premier private sector Housing Finance Companies in the country, today. The performance of the Company for the year ended 31st March, 1995 had been remarkable. The Company's income this year has increased to Rs. 1079 lakhs as compared to the previous year's income of Rs. 449 lakhs. The profit before tax has grown by 331% from Rs. 111 lakhs in 1993-94 to Rs. 478 lakhs in 1994-95. Better performance in the current year enabled the Company to recommend a dividend at the rate of Rs. 1.20 per equity share against the promised dividend at the rate of Rs. 1.00 per equity share as given in Company's prospectus. FUTURE PLANS There has been a considerable effort in improving the satisfaction level of housing all over the country. PAFL is contributing its best to this basic area of human needs. Other than loans to individuals special emphasis is also being given to developers/promoters who are taking up construction of housing projects of bigger size all over the country. Special stress is also being given to North Eastern Region for house building loan. WORKING RESULTS The cumulative deposits to the Company have increased to Rs. 3522 lakhs as on 31st March, 1995 from Rs. 2126 lakhs as on 31st March, 1994. The cumulative amount of housing loans disbursed aggregated to Rs. 1330 lakhs as at 31st March, 1995 as against Rs. 521 lakhs as at 31st March, 1994. The profit after tax during the year has increased to Rs. 368 lakhs as compared to Rs. 89 lakhs during the previous year. I am pleased to inform you all that Company has made an all round improvement in its performance during the year. CUSTOMERS SERVICE Your Company believes that the most important yard stick of a company's performance is its customers service. Your Company has, therefore, taken special steps for better and prompt services to its customers. I am happy to inform you that your Company has been able to computerise its system and is giving deposit certificates across the counter. Company also sanctions House Building Loan within a very short period provided they satisfy the conditions as laid down by NHB. CONCLUSION On behalf of the Board of Directors and on my own behalf, I take this opportunity to thank our customers. depositors, bankers, promoters and shareholders for the co-operation extended and confidence reposed in the Company and I look forward to their continued support. I also place on record my appreciation of the good work done by all the staff and field members. I hope that your Company with the concerted efforts of all concerned and the good wishes of its members will continue to prosper. A. N. Sen Chairman Place : Calcutta Date : 23rd June, 1995