HI Asheesh,
In which format you want each object. If you are looking for separate files for each object in text format that is possible.
1. You can export selected objects as text (if your case forms & reports).
2. Using Nav Object splitter, you can break the text file exported in step 1 per object.
3. You can download the tool from Mibuso. (www.mibuso.com/dlinfo.asp)
Let me know if that is what you wanted or you are looking for something else.