PROJECT REPORT

AT

INDIAN OIL CORPORATION LIMITED

SUBMITTED BY: ______________________

INDEX
ChapterContentsPage No.
1
2
3
4

Acknowledgement
Introduction to the Project
VISION, MISSION AND VALUES
Objectives
5 Swot Analysis
6 Products
7 Operating Cycle
8 Conclusion
9 Bibliography

ACKNOWLEDGEMENT

I owe a great many thanks to a great many people who helped and supported me
during the writing of this project.
My deepest thanks to Mr. S.D. Sir, the Guide of the project, for guiding and correcting
various documents of mine with attention and care. He has taken pain to
go through the project and make necessary correction as and when needed. I also
express my thanks to the honourable Principal for extending her support.
I would also thank my Institution and my faculty members without whom this
project would have been a distant reality. I also extend my heartfelt thanks to my
family, friends especially Rahul Agarwal and well wisher.

INTRODUCTION

In order to ensure greater efficiency and smooth working in the petroleum sector,
Government of India decided to merge the refineries and the distribution activities.
The Indian Refineries and Indian Oil Company were combined to form the giant Indian
Oil Corporation (IOCL) on 1st September 1964, with its registered office at Bombay. In
1967, the pipeline division of the corporation was merged with the refineries division.
Research & Development of Indian Oil Came into Existence in 1972. In October 1981
Assam Oil Company was nationalized and has been amalgamated with IOCL as Assam
Oil Division (AOD).

50 Golden Years in the Service of the Nation:

4

Indias flagship national oil company and downstream petroleum major, Indian Oil
Corporation Ltd. (Indian Oil) is celebrating its Golden Jubilee during 30th June - 1st
September 2009. Established as an oil marketing entity on 30th June 1959, Indian Oil
Company Ltd. was renamed Indian Oil Corporation Ltd. on 1st September 1964
following the merger of Indian Refineries Ltd. (established in August 1958) with it? The
integrated refining & marketing entity has since grown into the countrys largest
commercial enterprise and Indias No.1 Company in the prestigious Fortune Global 500
listing of the worlds largest corporate, currently at the 116th position. It is also the 18th
largest petroleum company in the world

Indian Oil Today:

From a fledgling company with a net worth of just Rs. 45.18 crore and sales of 1.38
million tons valued at Rs. 78 crore in the year 1965, Indian Oil has since grown over
3000 times with a sales turnover of Rs. 285,337 crore, the highestever for an Indian
company, and a net profit of Rs. 2,950 crore for 2008-09. And in 2010-11 sales
turnover,328,744crore and net profit is 7445 crore($ 1,633 million) for the year 2010-11.
Set up with the mandate of achieving self-sufficiency in refining and marketing
operations for a nascent nation set on the path of economic growth and prosperity, Indian
Oil today accounts for nearly half of Indias petroleum consumption, reaching precious
petroleum products to millions of people every day through a countrywide network of
around 35,000 sales points. They are backed for supplies by 167 bulk storage terminals
and depots, 101 aviation fuel stations and 89 Indane LPG bottling plants. For the year
2008-09, Indian Oil sold 62.6 million tons of petroleum products, including 1.7 million
tons of natural gas.
The Indian Oil Group of companies owns and operates 10 of Indias 20 refineries with a
combined capacity of over 60 MMTPA, accounting for 34% of national refining capacity,
after excluding EOU refineries. Projects under execution will take the capacity further to
80 MMTPA by the year 2011-12. Besides setting up state-of-the-art facilities to raise
product quality to global standards, Indian Oil has undertaken chartering of ships for
5

crude oil imports on its own and is expanding its basket of crudes and upgrading its
refineries to handle a wider array of crudes, including high- sulphur types.
As a pioneer in lying of cross-country crude oil and product pipelines, the Corporation
crossed 10,000 km in pipeline length and about 70 MMTPA in throughput capacity with
the commissioning of the 330-km Para dip-Haldia crude oil pipeline recently. Plans are
under execution to add about 4,000 km more by the year 2012. In-house capabilities have
enabled the Corporationundertake all pipeline projects on its own and even offer turnkey
expertise in techno-economic feasibility studies, design and detailed engineering, project
execution, operations, maintenance and consultancy services.

Synergy through Subsidiaries and Joint Ventures:

Indian Oil Corporation believes in creating synergies through acquiring subsidiaries both
horizontally and vertically. It has also entered in a number of Joint Ventures, which have
turned to be highly profitable.
A wholly-owned subsidiary, Indian Oil Technologies Ltd., is commercializing the
innovations and technologies developed by Indian Oils R&D Centre, across the globe.
The merger of the wholly owned subsidiary, Indian Oil Blending Ltd., is complete.
Merger of IBP Co. Ltd., the marketing subsidiary, with the parent company have
completed recently.

Indian Oil is currently metamorphosing from a pure sectoral company with dominance in
downstream in India to a vertically integrated, transnational energy behemoth. The
Corporation is implementing a master plan to emerge as a major player in petrochemicals
by integrating its core refining business with petrochemical activities, besides making
large investments in E&P and import/marketing ventures for oil and gas in India and
abroad. With a view to this Indian Oil is strengthening its existing overseas marketing
ventures and simultaneously scouting new opportunities for marketing and export of
petroleum products to new energy markets in Asia and Africa.

VISION, MISSION AND VALUES:Vision

A major diversified, trans-national, integrated energy company, with national leadership

and a strong
Environment conscience, playing a national role in oil security & public distribution.

INDIAN OIL CORPORATION LIMITED PURSUES THE VISION OF BECOMING A MAJOR,

DIVERSIFIED, TRANSNATIONAL, INTEGRATED ENERGY COMPANY, WITH NATIONAL
LEADERSHIP AND A STRONG ENVIRONMENT CONSCIENCE, PLAYING A NATIONAL ROLE
IN OIL SECURITY AND PUBLIC DISTRIBUTION.

Mission of Indian Oil Corporation Limited:

To achieve international standards of excellence in all aspects of energy and
diversified business with focus on customer delight through value of products and
services and cost reduction.
To maximize creation of wealth, value and satisfaction for the shareholders.
To attain leadership in developing, adopting and assimilating state of the art
technology for competitive advantage.
To provide technology and services through sustained research and development.
8

 To cultivate high standards of business ethics and total quality management for a
strong corporate identity and brand equity.

To help enrich the quality of life of the community and preserve ecology and
heritage through a strong environment conscience.

Objectives of Indian Oil Corporation Ltd:

To serve the national interest in the oil and related sector in accordance and
consistent with government policies.
To earn a reasonable rate of interest on investment.
To work towards the achievement of selfsufficiency in the field of oil refining by
setting up adequate capacity and to build up expertise in laying of crude oil and
petroleum product pipelines.
To create a strong research and development base in the field of oil refining and
stimulate the development of new product formulations with a view to minimize/
eliminate their imports and to have next generation products.
To maximize utilization of existing facilities in order to improve efficiency and
increase productivity.
To optimize utilization of its refining capacity and to maximize distillate yield
from refining of crude oil to minimize foreign exchange outgo.
To minimize fuel consumption in refineries and stock losses in operations to affect
energy conservation.
To further enhance distribution network for providing assured service to customers
throughout the country through expansion of reseller network as per marketing
plan/ government approval.
To avail of all viable opportunities, both national and global, arising out of
liberalization policies being pursued by the Government of India.

Financial Objective:
To ensure adequate return on capital employed and maintain a reasonable annual
dividend on its equity capital.
To ensure maximum economy in expenditure.
To manage and operate the facilities in an efficient manner so as to generate
adequate internal resources to meet revenue cost and requirements for project
investment, without budgetary support.
10

To generate sufficient internal resources for partly/ wholly expenditure on new

projects.
To develop long term corporate plans to provide adequate growth of the
activities of the corporations.
To continue to make an effort in bringing a reduction in cost of production of
petroleum product manufactured by means of systematic cost control measures.
To endeavor to complete all planned projects within the stipulated time and
within the stipulated cost estimates.

Achievements of Indian Oil:

Indian Oil Corporation has completed 50 years in the business of Refining and
Marketing of Petroleum Products in India in 2009.
Indian Oil Corporation Ltd. is the largest commercial enterprise in India and the
only Indian name in the Fortune magazines Global 500 listing of the worlds
largest corporations with a ranking of 105 based on fiscal 2008 performance.
Indian Oil received coveted World Petroleum Congress Excellence Award 2008 at
Madrid, Spain, in the technical development category for its path breaking R&D
work in hydro-processing technology for Green Fuels.

11

SWOT Analysis:
Indian Oil Corporation is the No. 1 Oil Company in India by sales turnover and is also
the 21st largest petroleum company in the world. It was the only Indian company to be
listed in the fortune 500 in 2003 and was also ranked second among 15 national oil
companies in the Asia pacific region. It was ranked 325 in the prestigious Forbes Global
500 listing among the largest public companies. Indian Oil and its subsidiaries account
for 47% petroleum products market share among public sector oil companies, 43.5%
national refining capacity and 74% petroleum products pipeline capacity. IOC has made
several strategic initiatives to expand its international operations and therefore become a
transnational company. For instance, IOC entered the Srilanka oil market by forming a
wholly owned subsidiary Lanka Indian Oil Corporation following a MoU signed with the
Ceylon Petroleum Corporation (CPC) in June 2002. Currently the Srilanka Petroleum
market demand is 3.5 million metric tons per annum (MMTPA) while the refining
capacity available is only 2.2 MMTPA. LIOC plans to fill up the 1.5 millions tones of
supply shortage. Such move will strengthen its presence in the international market and
contribute to IOCs profit.

Strengths:
Premier integrated Oil Company in India. Indian Oil Corporation is the No. 1 oil
company in India by sales turnover and is also the 175h largest petroleum company in the
world. It was the only Indian company to be listed in the fortune 500 in 2003 and has also
been ranked second among 15 national oil companies in the Asia Pacific region. It was
ranked 325 in the prestigious Forbes.

Threats:
Deregulation of Indian Petroleum sector in India during 2002 abolished monopoly status
of IOC. The company now faces stiff competition from several players striving to gain
market share. There exist a close competition between Oil and Natural Gas Corp.
12

(ONGC) and IOC in Indian Oil market. Reliance Industries limited (RIL) has also
emerged as an important player competing in the upstream sector subsequent to the
deregulation of the petroleum sector. From April 2004 onwards, the oil retailing market
for transport fuel will be deregulated and various companies such as RIL, ESSAR Oil and
Royal Dutch/Shell have been allowed to operate private petrol station.
Hence the deregulation policy is bound to squeeze IOCs volumes and profit margins in
future.

Weakness:
Declining crude oil sales.Although the revenue from the crude oil sales accounts for a
meager share of total revenue, revenues from this division dropped sharply by 66.7% in
fiscal 2003 as against the previous fiscal. The crude oil operations contributed about
INR49.44 billion in fiscal 2003 as against INR148.68 billion in fiscal 2002. Consequently
operating profit fell by a large 88% to reach INR19.4 million in 2003. If not for the good
performance of petroleum products the companys profitability would have been severely
affected by the drastic decline in crude oil sales.

Opportunity
Foray into the Gas business. With emerging as an alternative fuel due to the twin benefits
of low pollution and better economics, IOC has plans to quickly establish itself
In the gas market also. The LNG and hydrogen business offers an attractive environment
for its future business. Gas is steadily growing into the most preferred fuel among utility
provider such as power, fertilizers and transportation. IOC plans to setup a nationwide
gas distribution network for serving major Indian cities, to market compressed natural gas
(CNG) for automobiles and to import LNG. IOC signed a MoU with National Iranian Oil
Company (NIOC) for importing 2.5 MMTPA LNG and also for taking part in the LNG
midstream project in Iran. The initial efforts turned successful with IOC already
becoming the lead supplier of degasified LNG to ESSAR Steel and Gujarat State
petroleum Corp.

13

PRODUCTS
The Retail Brand template of XtraCare (Urban), Swagat(Highway) and KisanSeva
Kendras(Rural) are widely recognized as pioneering brands in the petroleum retail
segment. Indian Oils leadership extends to its energy brands - Indane LPG, SERVO
Lubricants, Auto gas LPG, XtraPremium Branded Petrol, XtraMile Branded Diesel,
XtraPower Fleet Card, Indian Oil Aviation and XtraRewards cash customer loyalty
programme.
SOME SPECIFIC PRODUCTS AND THEIR SPECIFICATION ARE AS FOLLOWS :
1. INDANE GAS :

Indane is today one of the largest packed-LPG brands in the world and has been
conferred the coveted Consumer Super brand status by the Super brands Council of
India. Having launched LPG marketing in the mid-60s, Indian Oil has been credited with
bringing about a kitchen revolution, spreading warmth and cheer in millions of
households with the introduction of the clean and efficient cooking fuel. It has led to a
substantial improvement in the health of women, especially in rural areas by replacing

smoky and unhealthy chulha. Indaneis today an ideal fuel for modern kitchens,
synonymous with safety, reliability and convenience.
2. AUTOGAS :

AutoGas (LPG) is a clean, high octane, abundant and eco-friendly

fuel. It is obtained from natural gas through fractionation and from
crude oil through refining. It is a mixture of petroleum gases like
propane and butane. The higher energy content in this fuel results in a 10% reduction of
CO2 emission as compared to MS. Auto Gas is a gas at atmospheric pressure and normal
temperatures, but it can be liquefied when moderate pressure is applied or when the
temperature is sufficiently reduced. This property makes the fuel an ideal energy source
for a wide range of applications.
14

3. PETROL/ GASOLINE :
Automotive gasoline and gasoline-oxygenate blends are used in internal combustion
spark-ignition engines. These spark ignition engine fuels are primarily used for passenger
cars. They are also used in off-highway utility vans, farm machinery and in other spark
ignition engines employed in a variety of service applications.
Gasoline is a complex mixture of relatively volatile hydrocarbons that vary widely
in chemical & physical properties and are derived from fractional distillation of crude
petroleum with a further treatment mainly in terms of improvement of its octane rating.
The hundreds of individual hydrocarbons in gasoline range from c4 to c11.

4. XTRAPREMIUM :
Indian Oils XTRAPREMIUM is Indias leading branded
petrol

boosted

with

new-generation

multifunctional

additives known as friction busters that prevent deposition

in the combustion chamber. XTRAPREMIUM is custom-designed to deliver higher
mileage, more power, better pick-up, faster acceleration, enhanced engine cleanliness and
lower missions.

5 XTRAMILE:
Indian Oils XTRAMILE Super Diesel, the leader in the
branded diesel segment, is blended with world class multifunctional fuel additives. Commercial vehicle owners choose
XTRAMILE because they see a clear value benefit in terms of superior mileage, lower
maintenance costs and improved engine protection. A growing section of customers who
own diesel automobiles, both in the lifestyle and passenger category, prefer
XTRAMILE as a fuel for its added and enhanced performance. XTRAMILE has brought
in a huge savings in the high mileage commercial vehicles segment. Transport fleets that

15

operate a large number of trucks crisscrossing the country are using XTRAMILE to
benefit from higher mileage and reduced maintenance costs.

6. ATF/Jet Fuel :
Indian Oil Aviation Service is a leading aviation fuel solution
provider in India and the most-preferred supplier of jet fuel to
major international and domestic airlines. Between one sunrise
and the next, Indian Oil Aviation Service refuels over 1500 flights
from the bustling metros to the remote airports linking the vast Indian landscape, from
the icy heights of Leh (the highest airport in the world at 10,682 ft) to the distant islands
of Andaman & Nicobar.
Jet fuel is a colorless, combustible, straight-run petroleum distillate liquid. Its
principal uses are as jet engine fuel. The most common jet fuel worldwide is a kerosenebased fuel classified as JET A-1.The governing specifications in India are IS 1571:
2001(7thRev).

7. KEROSENE :
Kerosene is used as a domestic fuel for heating / lighting and also
for manufacture of insecticides/ herbicides/fungicides to control
pest, weeds and fungi. Since kerosene is less volatile than gasoline,
increase in its evaporation rate in domestic burners is achieved by
increasing surface area of the oil to be burned and by increasing its temperature. The two
types of burners which achieve this fall into two categories namely vaporizers &
atomizers.
8. NATURAL GAS:

Over the years, Natural Gas has emerged as the 'fuel of choice' across the world. It is
slowly but steadily replacing traditional fossil fuels due to its environmentally friendly
characteristics which help greatly in meeting the stipulated automobile emission norms.
When compared with coal and oil, natural gas has a low carbon footprint due to its clean
16

combustion features. In the year 2008, it constituted only around 9% of India's energy
basket compared with 24% globally. This is expected to rise to around 13% in the year
2010. India's hydrocarbon vision statement envisages the share of natural gas in the
countrys energy basket to be 20%by the year 2025.
9. SERVO LUBRICANTS AND GREASE :

Indian Oil's SERVO is the brand leader among lubricants and greases
in India and has been conferred the Consumer Super brand status by
the Super brands Council of India. With over 500 commercial grades
and 1,500 formulations encompassing literally every conceivable application, SERVO
serves as a one-stop shop for complete lubrication solutions in the automotive, industrial
and marine segments. Recognized for cutting-edge technology and high-quality products,
SERVO is backed by Indian Oil's world-class R&D and an extensive blending and
distribution network.
10. BITUMEN:

Bitumen is a common binder used in road construction. It is principally obtained as a

residual product in petroleum refineries after higher fractions like gas, petrol, kerosene
and diesel, etc., are removed. Indian Standard Institution defines Bitumen as a black or
dark brown non-crystalline soil or viscous material having adhesive properties derived
from petroleum crude either by natural or by refinery processes.
Indian Oil produces bitumen from its refineries at Panipat, Mathura, Koyali, Haldia and
Chennai and markets it in bulk as well as packed in steel drums. Indian Oil also markets
modified Bitumen CRMB and Emulsion. CRMB is produced at Panipat, Mathura,
Koyali, Haldia and CPCL refineries. Indian Oil markets Bitumen Emulsion by the brand
name Indemul and it is produced from emulsion plants located in Haldia and Panipat
refineries. CRMB and Emulsion are available both in bulk as well as in packed drums.

17

11. DIESEL/GAS OIL:

Petroleum derived diesel (called as petro diesel) is a mixture of straight run product (150
C and 350 C) with varying amount of selected cracked distillates and is composed of
saturated hydrocarbons (primarily paraffins including n , iso , and cycloparaffins), and
aromatic hydrocarbons (including naphthalenes and alkyl benzenes).
Diesel is used in diesel engines, a type of internal combustion engine. Rudolf Diesel
originally designed the diesel engine to use coal dust as a fuel, but oil proved more
effective. Diesel engines are used in cars, motorcycles, boats and locomotives.
Automotive diesel fuel serves to power trains, buses, trucks, and automobiles, to run
construction, petroleum drilling and other off-road equipment and to be the prime mover
in a wide range of power generation & pumping applications. The diesel engine is high
compression, self-ignition engine. Fuel is ignited by the heat of high compression and no
spark plug is used.

18

OPERATING CYCLE OF IOCL

Operating Cycle:The firm has to invest in a fund in current assets for generating sales. Current assets are
needed because sales do not convert into cash instantaneously. There is allows an
operating cycle involve in the conversion of sale into cash. There is a difference between
current and fixed assets in terms of their liquidity.
Purchase
Collection

Payment

Credit Sale

RMCP+WIPCP+FGCP
Inventory conversion Period
Receivable conversion Period

Gross Operating Cycle

The firms Gross operating cycle (GOC) can be determined as inventory conversion
period (ICP) plus debtors conversion period (DCP).
GOC=ICP+DCP
The

diagram

above

shows

in

simplified

form

the

chain

of

events in a manufacturing firm.

1) The chain starts with the firm buying raw materials on credit.
2) In due course this stock will be used in production, work will be carried
out on the stock, and it will become part of the firms work-in-progress.
3) Work will continue on the WIP until it eventually emerges as the
finishedproduct.
19

4) As production progresses, labor costs and overheads need have to be met.

5) Of course at some stage trade creditors will need to be paid.
6) When the finished goods are sold on credit, debtors are increased.
7) They will eventually pay, so that cash will be injected into the firm
Inventory conversion period: ICP is the sum of raw material conversion period
(RMCP), work-in-process conversion period (WIPCP) and finished goods conversion
period (FGCP)
Raw material conversion period (RMCP): RMCP is the average time taken to convert
the raw material into work-in-progress. RMCP depends on:
a) Raw material conversion per day
b) Raw material inventory.
Raw material
conversion period

Raw material inventory

[Raw material consumption]/360

Work-in-process conversion period (WIPCP): WIPCP is the average time taken to

complete the semi finished or work-in-progress.
Work-in-process
Conversion period

Work-in-process inventory
[cost of production]/360

Finished goods conversion period(FGCP): FGCP is the average time taken to sell the
finish goods.
Finished goods
Conversion period

Finished goods inventory

[cost of goods sold]/360

Debtors conversion period (DCP): DCP is the average time taken to convert debtors
into cash.DCP represents the average collection period.
20

Debtors
=
Debtors
Conversion period
Credit sales/360
Creditors (payables) deferral period (CDP): CDP is the average time taken by the firm
in paying its suppliers (creditors).
Credit deferral
Period

Creditors
Credit purchases/360

Cash Conversion or Net operation cycle (NOC): NOC is the difference between gross
operation cycle and payables deferral period
NOC=GOC CDP
March-11

March-10

March-09

March-10

42.12

41

30.61

41.13

7.38
46.85
96.35

5.74
36.10
82.84

4.26

5.80
41.23
88.16

8.48

8.74

10.87

91.32

73.04

99.03

28.88

26.25

30.77

62.44

46.84

GROSS OPERATING CYCLE

1.Inventory Conversion Period
i) Finished Goods
ii) Work-in-progress
iii) Raw Material

2.Debtors Conversion Period

8.71

3.Gross Operating Cycle(1+2)

105.06

4.Payment Deferral Period

31.88
NET OERATING CYCLE (3-4)

73.18

29.43
64.3

68.26

Net Operating Cycle

80
60

Net Operating Cycle

40
20
0
Year 2011

Year 2010

Year 2009

Year 2008

21

The Operating cycle definition, also known as cash operating cycle or cash conversion
cycle or asset conversion cycle, establishes how many days it takes for a company to turn
purchases of inventory into cash receipts from its eventual sale.
This means that on average it takes 73.18 days for a company to turn purchasing
inventories into cash sales. In regards to accounting, operating cycles are essential to
maintaining levels of cash necessary to survive. Maintaining a beneficial net operating
cycle ratio is a life or death matter.
The operating cycle concept indicates a companys true liquidity. By tracking the
historical record of the operating cycle of a company and comparing it to its peer groups
in the same industry, it gives investors investment quality of a company. A short company
operating cycle is preferable since a company realizes its profits quickly and allows a
company to quickly acquire cash that can be used for reinvestment. A long business
operating cycle means it takes longer time for a company to turn purchases into cash
through sales. In general, the shorter the cycle, the better a company is since less time
capital is tied up in the business process.
A short cash cycle reflects sound management of working capital. On the other hand, a
long cash cycle denotes that capital is occupied when the commercial entity is expecting
its clients to make payments.
There is always a probability that a commercial enterprise can face negative cash
conversion cycle, in which case they are getting payments from the clients before any
payment is made to the suppliers.
The more the manufacturing procedure is extended, the higher the amount of cash should
be kept engaged in inventories by the company. Likewise, the more time is taken for the
clients for the purpose of bill payment, the more is the accounts receivable amount. From
another viewpoint, if a company is able to detain the payment for its internal inputs, it can
decrease the amount of money required. Put differently, the net working capital is
diminished by accounts payable. Thus, Operating cycle and cash cycle determine the
efficiency of a firm regarding working capital management.

22

CONCLUSION
The short term solvency of IOC is fine but that of BPCL is quite low. But no
company is touching the general standard of 2:1 of current ratio.
The quick ratio of firms are not good enough far away from the normal standard of
1:1.
So all the Liquidity Ratios indicate not well enough short term solvency/liquidity
position of the firm.
All the Leverage Ratio depict that none of the company has a sound
Financial position.
These are more in debt. But IOC position is better than that of the two in
of
leverage.
The shareholders funds are satisfactory.
The firms are paying high interest on the outstanding debts which makes
unfavorable trading on equity due to high debt, which increases risk
for shareholders.
As far as the Activity and Turnover ratios are concerned, nothing concrete can be
said as the results of three companies are very fluctuating every year in term of
sales.
In the year 2008 all three companies are showing good results and the turnover is
satisfactory. But it decrease in 2009 due to decrease in working capital, the fixed
assets of the companies which affected their sales. And IOC is very strong in
acquisition of the fixed assets as well as current assets.
On the basis of various profitability ratios the sales of the firms is found to be
increasing in the last year. IOCL has managed well to maintain its net profit.
The share value of HPCL is better.
This analysis shows that the companies were in strong position in year 2008, but
the recession in 2009 has highly affected the companies growth and their profit
came down and they are more in debts.

23

BIBLIOGRAPHY
The Major documents required for this project was obtained from the following sources.

1. Annual reports of IOCL

2. www.researchassistance.com
3. www.iocl.com
4.
5.
6.
7.
8.
9.

www.indiainbusiness.nic.in
www.corporateinformation.com
www.business-standard.com
www.ccsenet.org/journal.html
Journals of IOCL
www.investopedia.com

10. www.wikipedia.org.in

24