Indian Oil Corporation Limited (IOCL) is India's largest commercial enterprise and the only Indian company in the Fortune Global 500 list. It was formed in 1964 through the merger of Indian Oil Company Limited and Indian Refineries Limited. IOCL owns and operates seven of India's 17 oil refineries and controls nearly 40% of the country's refining capacity. The report provides an overview of IOCL's history, products, corporate structure, mission, values and SWOT analysis. It also introduces Barauni Refinery, one of IOCL's refineries located in Bihar. The report aims to provide knowledge about IOCL's capital budgeting decisions through analyzing investment projects.
Comparative study of mutual funds in india Rahul Todur
This document provides a project report on a comparative study of mutual funds in India with reference to HDFC Mutual Fund and SBI Mutual Fund. It includes an introduction to mutual funds, their history and development in India. It also outlines the objectives of the study, which are to analyze the growth of the mutual fund industry and evaluate the performance of schemes from major public and private sector funds. The report further describes HDFC Mutual Fund and SBI Mutual Fund in detail and includes a literature review, research methodology, data collection process and findings/suggestions from the comparative analysis.
This document provides an overview of the role of financial institutions in India. It discusses the evolution of financial institutions from their foundation phase to the current reforms phase. It describes the various types of financial institutions in India including development banks, specialized institutions, state-level institutions, investment institutions, and non-banking financial companies. The document also outlines some of the key roles of financial institutions like providing services, mobilizing savings, and facilitating development. It discusses recent reports that aim to improve the financial services sector by 2020 with a focus on customer needs, inclusion, and tapping new market segments.
A REPORT ON FINANCIAL ANALYSIS OF DABUR AND BRITANNIAM Diable
This document provides a final project report on the financial analysis of Dabur and Britannia. It includes an introduction, literature review on ratio analysis and financial ratios, company profiles of Dabur and Britannia, research methodology, analysis and interpretation of financial ratios, and recommendations and conclusions. The analysis examines the liquidity, activity, leverage and profitability ratios of both companies over three years to evaluate their financial performance and position. Key findings and suggestions for improvement are also provided.
This document provides an overview of a study on working capital management conducted at Sejal Glass Limited. It includes:
1) An introduction outlining the purpose and scope of the study, as well as acknowledgements of those who guided the project.
2) A table of contents listing the different chapters covering topics such as the company profile, data analysis, findings, and conclusion.
3) Background information on working capital management, including definitions, objectives, and the operating cycle.
The document appears to be a student project report analyzing working capital practices at Sejal Glass Limited in order to make recommendations for improvement.
A Study of Mutual Funds in India- ReportSyril Thomas
This document is a report submitted by Mundakathil Syril Thomas to IBS Hyderabad as part of an internship at Stock Holding Corporation of India Limited. The report studies the growth of mutual funds in India. It provides details about Stock Holding Corporation, including its products and services. It also discusses the history and classification of mutual funds in India. The report analyzes indicators of growth for mutual funds such as assets under management and shift from traditional investments to mutual funds. It describes the research methodology used for a survey on consumer preferences related to investing. The findings of the survey and conclusions on the future of mutual funds in India are also summarized.
Project Report on Short Term Financial ManagementWilliam Banarjee
- The document analyzes financial ratios related to working capital for two pharmaceutical companies in the US (GlaxoSmithKline and Johnson & Johnson) and two in Bangladesh (GlaxoSmithKline Bangladesh and Square Pharmaceuticals)
- Ratios like current ratio, quick ratio, net working capital, and working capital requirements are compared between 2014 for the four companies
- The Bangladeshi companies generally had stronger ratios compared to the US companies, indicating higher liquidity and better ability to meet short-term obligations
This document is a dissertation report submitted by Rajeshwar Ojha to Dr. Vikas Kumar Jaiswal on working capital management. It includes an introduction that defines working capital and its importance for business operations. It also discusses different types of working capital such as permanent working capital and temporary working capital. The report will examine various components of working capital management including cash, inventory, accounts receivable and payable. It aims to explore the impact of working capital management on business profitability and shareholder wealth.
100 marks topics for banking and insurance projectsbanking-insurance
Complete topics for 100 marks project for banking and insurance
http://www.managementparadise.com/forums/banking-insurance-final-100-marks-projects/16283-topics-100-marks-project-banking-insurance.html
Comparative study of mutual funds in india Rahul Todur
This document provides a project report on a comparative study of mutual funds in India with reference to HDFC Mutual Fund and SBI Mutual Fund. It includes an introduction to mutual funds, their history and development in India. It also outlines the objectives of the study, which are to analyze the growth of the mutual fund industry and evaluate the performance of schemes from major public and private sector funds. The report further describes HDFC Mutual Fund and SBI Mutual Fund in detail and includes a literature review, research methodology, data collection process and findings/suggestions from the comparative analysis.
This document provides an overview of the role of financial institutions in India. It discusses the evolution of financial institutions from their foundation phase to the current reforms phase. It describes the various types of financial institutions in India including development banks, specialized institutions, state-level institutions, investment institutions, and non-banking financial companies. The document also outlines some of the key roles of financial institutions like providing services, mobilizing savings, and facilitating development. It discusses recent reports that aim to improve the financial services sector by 2020 with a focus on customer needs, inclusion, and tapping new market segments.
A REPORT ON FINANCIAL ANALYSIS OF DABUR AND BRITANNIAM Diable
This document provides a final project report on the financial analysis of Dabur and Britannia. It includes an introduction, literature review on ratio analysis and financial ratios, company profiles of Dabur and Britannia, research methodology, analysis and interpretation of financial ratios, and recommendations and conclusions. The analysis examines the liquidity, activity, leverage and profitability ratios of both companies over three years to evaluate their financial performance and position. Key findings and suggestions for improvement are also provided.
This document provides an overview of a study on working capital management conducted at Sejal Glass Limited. It includes:
1) An introduction outlining the purpose and scope of the study, as well as acknowledgements of those who guided the project.
2) A table of contents listing the different chapters covering topics such as the company profile, data analysis, findings, and conclusion.
3) Background information on working capital management, including definitions, objectives, and the operating cycle.
The document appears to be a student project report analyzing working capital practices at Sejal Glass Limited in order to make recommendations for improvement.
A Study of Mutual Funds in India- ReportSyril Thomas
This document is a report submitted by Mundakathil Syril Thomas to IBS Hyderabad as part of an internship at Stock Holding Corporation of India Limited. The report studies the growth of mutual funds in India. It provides details about Stock Holding Corporation, including its products and services. It also discusses the history and classification of mutual funds in India. The report analyzes indicators of growth for mutual funds such as assets under management and shift from traditional investments to mutual funds. It describes the research methodology used for a survey on consumer preferences related to investing. The findings of the survey and conclusions on the future of mutual funds in India are also summarized.
Project Report on Short Term Financial ManagementWilliam Banarjee
- The document analyzes financial ratios related to working capital for two pharmaceutical companies in the US (GlaxoSmithKline and Johnson & Johnson) and two in Bangladesh (GlaxoSmithKline Bangladesh and Square Pharmaceuticals)
- Ratios like current ratio, quick ratio, net working capital, and working capital requirements are compared between 2014 for the four companies
- The Bangladeshi companies generally had stronger ratios compared to the US companies, indicating higher liquidity and better ability to meet short-term obligations
This document is a dissertation report submitted by Rajeshwar Ojha to Dr. Vikas Kumar Jaiswal on working capital management. It includes an introduction that defines working capital and its importance for business operations. It also discusses different types of working capital such as permanent working capital and temporary working capital. The report will examine various components of working capital management including cash, inventory, accounts receivable and payable. It aims to explore the impact of working capital management on business profitability and shareholder wealth.
100 marks topics for banking and insurance projectsbanking-insurance
Complete topics for 100 marks project for banking and insurance
http://www.managementparadise.com/forums/banking-insurance-final-100-marks-projects/16283-topics-100-marks-project-banking-insurance.html
Management of working capital and expense analysis of nalcoRabinarayan1991
This document provides certificates from the organization and faculty guide for a project report submitted by Rabinarayan Sahoo on working capital management and expense analysis at National Aluminium Company Limited (NALCO). It includes declarations from the student and acknowledges those who provided assistance. The executive summary indicates the report aims to understand NALCO's liquidity position, working capital utilization, and evaluate various working capital management practices. It also provides an introduction to NALCO and the aluminum industry.
This document discusses a study on working capital management at Sudha Agro Oil and Chemical Industries Limited in Samalkota, India. It provides background on the oil and chemical industry in India and the company. The methodology, objectives, and limitations of the study are described. The document outlines the various chapters that will analyze the company's working capital management based on its financial statements over the last 5 years. It aims to assess the company's financial position, profitability, and viability through financial ratio analysis and interpretation.
Punjab National Bank (PNB) is one of the oldest and largest banks in India, established in 1894. It has over 5,000 branches across India and internationally. PNB provides various personal and corporate banking services and caters to over 37 million customers. It aims to be the best bank through quality customer service and technological innovation.
A PERFORMANCE EVALUATION OF MUTUAL FUND Nirav Thanki
This document provides an overview of the mutual fund industry globally and in India. It discusses that mutual funds first originated in the United States in 1929 and have since grown to $12 trillion in assets globally by 2007, making them the largest financial investment vehicles. In India, the mutual fund industry was established in 1963 with the formation of Unit Trust of India. The industry has grown significantly since privatizing in 1993, and now has over 45 fund houses and approximately $20 billion in assets. The document outlines the key benefits of mutual funds for investors and discusses the continued growth potential of the industry in India.
This document provides information about a summer internship project on capital budgeting conducted at Indian Oil Corporation Limited (IOCL) by Meena Akhilesh Kumar. It includes an introduction to IOCL, details about the internship, acknowledgements, an abstract summarizing the project, and a table of contents outlining the report sections. The internship involved analyzing IOCL's capital investment decisions and evaluating projects using financial tools like net present value and internal rate of return to determine the most profitable investments.
Research project report on investors perception towards derivative marketMaqbool Ahmad
This document provides information about India Infoline Pvt. Ltd., including:
- It describes the company's vision, values, business strategy, and customer strategy.
- The company offers a range of financial services including financing, wealth management, asset management, broking, and investment banking.
- It has a presence across India with over 2,500 locations and aims to serve retail customers as well as small and medium enterprises.
A project report on comparative study of mutual funds in indiaProjects Kart
The document is a project report on a comparative study of mutual funds in India. It includes sections on the introduction of mutual funds, their history in India, advantages, and types of mutual funds. The report provides an overview of the mutual fund industry in India and aims to study some prominent mutual fund companies and their schemes.
Finance project on performance evaluation of indian mutual fundsProjects Kart
This document provides an executive summary of a report evaluating the performance of Indian mutual funds against the BSE Sensex stock market index over a 5-year period from 2004-2009. 21 open-ended equity growth mutual funds were selected for analysis. Statistical tools were used to calculate and compare the average returns, absolute returns, standard deviation, betas, and relative performance indexes of the funds versus the market. A Mann-Whitney U-test found that most funds' returns moved in sync with the market, except one fund that varied significantly. Cluster analysis grouped funds with similar performance metrics. The study concluded most funds provided returns similar to the market, with some variation during late 2005 to early 2006.
This document provides details about Ketan Gyanchandani's summer internship project at AXIS Bank. It includes the project guide names from AXIS Bank, Ketan's faculty mentor from his university, and declarations about the project. The project aims to study the nuances and workings of retail banking. It discusses AXIS Bank's products, account opening procedures, risk management practices, and recently launched government schemes like Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana.
This document is a project report submitted by Aditya Mahindrakar for his summer internship at UTI Mutual Fund in Hyderabad. The report details his study titled "A Study on Performance and Analysis of Mutual Funds in India". The 3-page report includes sections acknowledging the guidance received from his mentors at UTI Mutual Fund and ArthChakra Advisory Services, a table of contents outlining the topics covered in the report, and an executive summary defining mutual funds and how investors can make money from them.
The document provides information about Axis Bank's products and services. It describes various retail banking facilities like ATMs, internet banking, loans, and cash management services. The cash management services help corporate customers in managing receivables through collection solutions and payments through options like bulk payments. It also discusses managing resources through liquidity management and managing taxes using CBDT and CBEC collection services.
This document is a summer project report submitted by Sapna Sharma to HDFC Bank in Jaipur, India to fulfill requirements for a post-graduate business management program. The report analyzes HDFC Bank's mortgage and gold loan processes and customer satisfaction with gold loans. It includes an introduction, company profile of HDFC Bank, analysis of HDFC's loan against property and gold loan products, a comparison of these products to other banks, a customer satisfaction survey, SWOT analyses, findings, suggestions and conclusions.
Mutual Fund A case study on HDFC Mutual Fund Asset Management CompanyKezar Rajpiplawala
This document provides an overview of mutual funds in India including:
- A brief history of mutual funds in India from the 1960s to present day, divided into four phases of development.
- The key regulatory bodies that govern mutual funds including SEBI, AMFI, RBI, and the Ministry of Finance.
- An introduction to the main types of mutual funds based on execution, investment pattern, and taxation.
- An overview of investor rights and obligations as well as the role and responsibilities of trustees in overseeing mutual funds.
This document is a summer internship report submitted by Santosh Behera to the Asian School of Business Management in 2009. The report provides a comparison of mutual funds with other investment products. It includes a corporate profile section that describes Reliance Money, the company where the internship was completed. The report reviews literature on mutual funds and other investments like ULIPs, stocks, bonds, and real estate. It also describes the research methodology used in the report, which includes collecting data through a questionnaire and analyzing it with statistical tools. The findings and conclusions from the research are summarized.
This document provides an overview of a sales training program study conducted at Aircel Ltd. It begins with an introduction describing how sales training is important for increasing employee satisfaction and organizational productivity. It then discusses the concept of sales training, different types of sales training programs including on-the-job training and organized training. The document also outlines the sales training process at Aircel and benefits of sales training for employees like individual development and self-motivation. It concludes by describing steps to make sales training effective.
This document lists 50 potential finance project topics for an MBA in finance degree. The topics cover a wide range of areas including financial analysis of companies, mutual funds, banking, insurance, working capital management, derivatives, and capital markets.
This document is a project report submitted to Sikkim Manipal University for a Masters in Business Administration (Finance) degree. It analyzes portfolio management and mutual funds at SBI Mutual Fund. The report includes an acknowledgements section thanking those who helped with the project. It then outlines the contents and provides an overview of the research objectives, scope, methodology, findings, limitations, and conclusion. It also includes a company profile section describing SBI Mutual Fund.
This document appears to be a project report submitted for a Master's degree in business administration. It includes an introduction, chapters on industry profile, company profile, theoretical framework, data analysis and interpretation, and findings and suggestions. The project focuses on capital budgeting decisions with reference to The Krishna District Milk Producers Mutually Aided Cooperative Union Limited in Vijayawada, India. It will analyze the company's capital budgeting process and investment decisions using theoretical concepts and primary data collected from the organization. The introduction provides background on the need for the study, its scope, objectives, methodology and limitations.
The document is a project report submitted by Dipak Subhash Waghmare for his MBA degree. It analyzes the financial statements of Om Sai Services Pvt Ltd over 2018-2019. The report includes an introduction, literature review on financial statements and ratios, case study analysis of Om Sai Services' balance sheets and income statements for 2018-2019, ratio analysis, comparison to other companies, findings, conclusion, and recommendations. The objective is to understand and interpret Om Sai Services' financial performance and position through analysis of its financial statements and key ratios.
The document summarizes the role and functions of the Securities and Exchange Board of India (SEBI). It states that SEBI was established in 1988 as the regulator of India's securities market, with its headquarters in Mumbai. SEBI's key responsibilities include protecting investors, promoting market development, and regulating securities markets. It has powers to regulate stock exchanges and other market participants like brokers. SEBI is divided into departments that oversee the primary market, intermediaries, and secondary market. The document also provides brief definitions of related terms like shares, equity shares, bonds, derivatives, debentures, and preference shares.
Capital structure Analysis of Indian Oil Corporation Limited (IOCL)Kangkan Deka
The document discusses the capital structure analysis of Indian Oil Corporation Limited (IOCL). It provides background information on IOCL, describing it as India's largest company by sales. The document outlines IOCL's vision, mission and values. It then discusses the methodology used for the capital structure analysis, which involves analyzing data from IOCL's annual reports. Various components of IOCL's capital structure are examined, including share capital, paid-up capital, long-term debt and leverage ratios.
Based on the data provided, here is the analysis of IOCL's paid up capital from 2010-2014:
- The paid up capital remained constant at Rs. 2427.95 crore from 2013-2014, 2012-2013 and 2011-2012. This indicates that during these years, IOCL did not issue any additional shares to increase its paid up capital.
- In 2010-2011, the paid up capital was Rs. 1192 crore. This increased significantly to Rs. 2427.95 crore in the next year. This suggests that IOCL must have issued additional shares and increased its paid up share capital in 2011.
- Overall, the paid up capital increased over the years from Rs. 1192
Management of working capital and expense analysis of nalcoRabinarayan1991
This document provides certificates from the organization and faculty guide for a project report submitted by Rabinarayan Sahoo on working capital management and expense analysis at National Aluminium Company Limited (NALCO). It includes declarations from the student and acknowledges those who provided assistance. The executive summary indicates the report aims to understand NALCO's liquidity position, working capital utilization, and evaluate various working capital management practices. It also provides an introduction to NALCO and the aluminum industry.
This document discusses a study on working capital management at Sudha Agro Oil and Chemical Industries Limited in Samalkota, India. It provides background on the oil and chemical industry in India and the company. The methodology, objectives, and limitations of the study are described. The document outlines the various chapters that will analyze the company's working capital management based on its financial statements over the last 5 years. It aims to assess the company's financial position, profitability, and viability through financial ratio analysis and interpretation.
Punjab National Bank (PNB) is one of the oldest and largest banks in India, established in 1894. It has over 5,000 branches across India and internationally. PNB provides various personal and corporate banking services and caters to over 37 million customers. It aims to be the best bank through quality customer service and technological innovation.
A PERFORMANCE EVALUATION OF MUTUAL FUND Nirav Thanki
This document provides an overview of the mutual fund industry globally and in India. It discusses that mutual funds first originated in the United States in 1929 and have since grown to $12 trillion in assets globally by 2007, making them the largest financial investment vehicles. In India, the mutual fund industry was established in 1963 with the formation of Unit Trust of India. The industry has grown significantly since privatizing in 1993, and now has over 45 fund houses and approximately $20 billion in assets. The document outlines the key benefits of mutual funds for investors and discusses the continued growth potential of the industry in India.
This document provides information about a summer internship project on capital budgeting conducted at Indian Oil Corporation Limited (IOCL) by Meena Akhilesh Kumar. It includes an introduction to IOCL, details about the internship, acknowledgements, an abstract summarizing the project, and a table of contents outlining the report sections. The internship involved analyzing IOCL's capital investment decisions and evaluating projects using financial tools like net present value and internal rate of return to determine the most profitable investments.
Research project report on investors perception towards derivative marketMaqbool Ahmad
This document provides information about India Infoline Pvt. Ltd., including:
- It describes the company's vision, values, business strategy, and customer strategy.
- The company offers a range of financial services including financing, wealth management, asset management, broking, and investment banking.
- It has a presence across India with over 2,500 locations and aims to serve retail customers as well as small and medium enterprises.
A project report on comparative study of mutual funds in indiaProjects Kart
The document is a project report on a comparative study of mutual funds in India. It includes sections on the introduction of mutual funds, their history in India, advantages, and types of mutual funds. The report provides an overview of the mutual fund industry in India and aims to study some prominent mutual fund companies and their schemes.
Finance project on performance evaluation of indian mutual fundsProjects Kart
This document provides an executive summary of a report evaluating the performance of Indian mutual funds against the BSE Sensex stock market index over a 5-year period from 2004-2009. 21 open-ended equity growth mutual funds were selected for analysis. Statistical tools were used to calculate and compare the average returns, absolute returns, standard deviation, betas, and relative performance indexes of the funds versus the market. A Mann-Whitney U-test found that most funds' returns moved in sync with the market, except one fund that varied significantly. Cluster analysis grouped funds with similar performance metrics. The study concluded most funds provided returns similar to the market, with some variation during late 2005 to early 2006.
This document provides details about Ketan Gyanchandani's summer internship project at AXIS Bank. It includes the project guide names from AXIS Bank, Ketan's faculty mentor from his university, and declarations about the project. The project aims to study the nuances and workings of retail banking. It discusses AXIS Bank's products, account opening procedures, risk management practices, and recently launched government schemes like Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana.
This document is a project report submitted by Aditya Mahindrakar for his summer internship at UTI Mutual Fund in Hyderabad. The report details his study titled "A Study on Performance and Analysis of Mutual Funds in India". The 3-page report includes sections acknowledging the guidance received from his mentors at UTI Mutual Fund and ArthChakra Advisory Services, a table of contents outlining the topics covered in the report, and an executive summary defining mutual funds and how investors can make money from them.
The document provides information about Axis Bank's products and services. It describes various retail banking facilities like ATMs, internet banking, loans, and cash management services. The cash management services help corporate customers in managing receivables through collection solutions and payments through options like bulk payments. It also discusses managing resources through liquidity management and managing taxes using CBDT and CBEC collection services.
This document is a summer project report submitted by Sapna Sharma to HDFC Bank in Jaipur, India to fulfill requirements for a post-graduate business management program. The report analyzes HDFC Bank's mortgage and gold loan processes and customer satisfaction with gold loans. It includes an introduction, company profile of HDFC Bank, analysis of HDFC's loan against property and gold loan products, a comparison of these products to other banks, a customer satisfaction survey, SWOT analyses, findings, suggestions and conclusions.
Mutual Fund A case study on HDFC Mutual Fund Asset Management CompanyKezar Rajpiplawala
This document provides an overview of mutual funds in India including:
- A brief history of mutual funds in India from the 1960s to present day, divided into four phases of development.
- The key regulatory bodies that govern mutual funds including SEBI, AMFI, RBI, and the Ministry of Finance.
- An introduction to the main types of mutual funds based on execution, investment pattern, and taxation.
- An overview of investor rights and obligations as well as the role and responsibilities of trustees in overseeing mutual funds.
This document is a summer internship report submitted by Santosh Behera to the Asian School of Business Management in 2009. The report provides a comparison of mutual funds with other investment products. It includes a corporate profile section that describes Reliance Money, the company where the internship was completed. The report reviews literature on mutual funds and other investments like ULIPs, stocks, bonds, and real estate. It also describes the research methodology used in the report, which includes collecting data through a questionnaire and analyzing it with statistical tools. The findings and conclusions from the research are summarized.
This document provides an overview of a sales training program study conducted at Aircel Ltd. It begins with an introduction describing how sales training is important for increasing employee satisfaction and organizational productivity. It then discusses the concept of sales training, different types of sales training programs including on-the-job training and organized training. The document also outlines the sales training process at Aircel and benefits of sales training for employees like individual development and self-motivation. It concludes by describing steps to make sales training effective.
This document lists 50 potential finance project topics for an MBA in finance degree. The topics cover a wide range of areas including financial analysis of companies, mutual funds, banking, insurance, working capital management, derivatives, and capital markets.
This document is a project report submitted to Sikkim Manipal University for a Masters in Business Administration (Finance) degree. It analyzes portfolio management and mutual funds at SBI Mutual Fund. The report includes an acknowledgements section thanking those who helped with the project. It then outlines the contents and provides an overview of the research objectives, scope, methodology, findings, limitations, and conclusion. It also includes a company profile section describing SBI Mutual Fund.
This document appears to be a project report submitted for a Master's degree in business administration. It includes an introduction, chapters on industry profile, company profile, theoretical framework, data analysis and interpretation, and findings and suggestions. The project focuses on capital budgeting decisions with reference to The Krishna District Milk Producers Mutually Aided Cooperative Union Limited in Vijayawada, India. It will analyze the company's capital budgeting process and investment decisions using theoretical concepts and primary data collected from the organization. The introduction provides background on the need for the study, its scope, objectives, methodology and limitations.
The document is a project report submitted by Dipak Subhash Waghmare for his MBA degree. It analyzes the financial statements of Om Sai Services Pvt Ltd over 2018-2019. The report includes an introduction, literature review on financial statements and ratios, case study analysis of Om Sai Services' balance sheets and income statements for 2018-2019, ratio analysis, comparison to other companies, findings, conclusion, and recommendations. The objective is to understand and interpret Om Sai Services' financial performance and position through analysis of its financial statements and key ratios.
The document summarizes the role and functions of the Securities and Exchange Board of India (SEBI). It states that SEBI was established in 1988 as the regulator of India's securities market, with its headquarters in Mumbai. SEBI's key responsibilities include protecting investors, promoting market development, and regulating securities markets. It has powers to regulate stock exchanges and other market participants like brokers. SEBI is divided into departments that oversee the primary market, intermediaries, and secondary market. The document also provides brief definitions of related terms like shares, equity shares, bonds, derivatives, debentures, and preference shares.
Capital structure Analysis of Indian Oil Corporation Limited (IOCL)Kangkan Deka
The document discusses the capital structure analysis of Indian Oil Corporation Limited (IOCL). It provides background information on IOCL, describing it as India's largest company by sales. The document outlines IOCL's vision, mission and values. It then discusses the methodology used for the capital structure analysis, which involves analyzing data from IOCL's annual reports. Various components of IOCL's capital structure are examined, including share capital, paid-up capital, long-term debt and leverage ratios.
Based on the data provided, here is the analysis of IOCL's paid up capital from 2010-2014:
- The paid up capital remained constant at Rs. 2427.95 crore from 2013-2014, 2012-2013 and 2011-2012. This indicates that during these years, IOCL did not issue any additional shares to increase its paid up capital.
- In 2010-2011, the paid up capital was Rs. 1192 crore. This increased significantly to Rs. 2427.95 crore in the next year. This suggests that IOCL must have issued additional shares and increased its paid up share capital in 2011.
- Overall, the paid up capital increased over the years from Rs. 1192
This document provides an overview of Indian Oil Corporation Limited (IOCL). It discusses that IOCL is India's largest national oil company, operating across the hydrocarbon value chain from refining to marketing of petroleum products. IOCL owns and operates 10 of India's 19 refineries with a total refining capacity of 60.2 million metric tons per year. It has a 47% share in the Indian petroleum products market and a 40% share in domestic refining capacity. IOCL was formed in 1964 through the merger of Indian Oil Company Ltd. and Indian Refineries Ltd. and is fully owned by the Government of India.
This document provides an overview of Indian Oil Corporation Limited's (IOCL) planning and monitoring of a centralized AC plant installation project at Hansraj College in New Delhi, India. It acknowledges the support received for the project and certifies that the student, Pankaj Dev, successfully completed the project work under the guidance of Mr. V. S. Jain at IOCL from June 8, 2015 to July 19, 2015. The document then outlines the objectives, methodology, company overview including vision, mission and values, major divisions, and business model of IOCL to provide context around the planning and monitoring of the AC plant project.
Project Report on Financial Statement Analysisarijitbhowmick
This document is a project report submitted in partial fulfillment of a post graduate diploma in management. It provides an acknowledgment and outlines the contents which will include an abstract, executive summary, introduction, literature review, research methodology, analysis, results and conclusions on the financial statement analysis and cost-volume-profit analysis of Coal India Limited. It also discusses the company's vision for coal production through 2025 and initiatives in coal bed methane, underground coal gasification, coal liquefaction, and over ground coal gasification.
SIP REPORT Capital Structure Analysis Of Indian Oil Corporation Limitedzeeshan ali khan
The document is a summer training report submitted by Zeeshan Ali Khan on capital structure analysis of Indian Oil Corporation Limited (IOCL) at their Kanpur bottling plant location. It includes declarations by the student and faculty mentor certifying that the report is the student's original work. It also includes an acknowledgements section thanking various individuals who provided assistance and support. The table of contents outlines that the report will cover an introduction, company profile, research methodology, data analysis and interpretation, conclusions and recommendations.
This document is a project report submitted by Kangkan Deka to Pondicherry University for a Master's degree in Business Administration. The project analyzes the financial performance of Indian Oil Corporation Limited over four years from 2010-11 to 2013-14. Various financial analysis tools such as ratio analysis, DuPont analysis, liquidity tests, and trend analysis are used to assess the company's profitability, liquidity, leverage, and overall financial position. The report includes an introduction to Indian Oil Corporation and its operations as well as the research methodology used in the study.
Adani wilmar employee satisfacation & h.r. funcationBhuwnesh Sharma
This document provides an overview of Adani Wilmar Limited (AWL), an Indian edible oils company. Some key details include:
- AWL is a joint venture between Adani Group of India and Wilmar Group of Singapore.
- It owns several oil refineries across India with a total refining capacity of over 3,200 tons per day.
- The company's flagship brand Fortune is one of the top 50 FMCG brands in India.
- Since starting in 1988, AWL has grown significantly through various milestones such as setting up its first port-based refinery in 1999 and expanding into new markets and products over the years.
The Indian Oil Corporation was formed in 1964 through the merger of Indian Refineries Ltd. and Indian Oil Company Ltd. It is India's largest commercial enterprise and owns and operates 10 of India's 19 oil refineries. The corporation supplies petroleum products to customers through a network of over 33,000 dealers and distributors and reaches households with cooking gas through 4,990 distributors.
FINAL TRAINING REPORT ROHIT GOYAL NIT CalicutROHIT GOYAL
This document provides a summary of Rohit Goyal's one month vocational training at the Indian Oil Corporation Limited Mathura Refinery from June 1-29, 2015. It discusses that the training provided insights into bridging the gap between theory and practical knowledge in the corporate world. The experience of observing refinery operations and processes was fascinating. The training reinforced that to be a successful process engineer requires both strong theoretical knowledge and practical application skills. The training served as an important stepping stone for his future career success.
This document is a summer internship project report submitted by Priyanka Chauhan analyzing the financial health of Hindalco Industries Limited. The report includes sections on the company and industry profiles, SWOT analysis, financial analysis methodology, data analysis and interpretation of Hindalco's financial statements, findings, and recommendations. The project aimed to understand Hindalco's fund management processes and suggest ways to improve fund utilization and operations.
Social securities at indian oil and their benefitsSurabhi Parashar
The document provides an overview of Indian Oil Corporation Limited (IndianOil), India's largest commercial enterprise. It discusses IndianOil's history, vision, operations including its 10 refineries with a total refining capacity of 65.7 MMTPA, pipelines spanning 10,899 km, extensive marketing network of over 35,000 touchpoints, research and development center, and investments in petrochemicals, natural gas, and exploration and production. IndianOil employs over 34,363 people and had a turnover of Rs. 3,28,744 crore in 2010. The document also provides brief histories and details of IndianOil's major refineries located across India.
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Before long, the world will wake up. But right now, there are perhaps a few hundred people, most of them in San Francisco and the AI labs, that have situational awareness. Through whatever peculiar forces of fate, I have found myself amongst them. A few years ago, these people were derided as crazy—but they trusted the trendlines, which allowed them to correctly predict the AI advances of the past few years. Whether these people are also right about the next few years remains to be seen. But these are very smart people—the smartest people I have ever met—and they are the ones building this technology. Perhaps they will be an odd footnote in history, or perhaps they will go down in history like Szilard and Oppenheimer and Teller. If they are seeing the future even close to correctly, we are in for a wild ride.
Let me tell you what we see.
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Artificial intelligence (AI) is a multidisciplinary field of science and engineering whose goal is to create intelligent machines.
We believe that AI will be a force multiplier on technological progress in our increasingly digital, data-driven world. This is because everything around us today, ranging from culture to consumer products, is a product of intelligence.
The State of AI Report is now in its sixth year. Consider this report as a compilation of the most interesting things we’ve seen with a goal of triggering an informed conversation about the state of AI and its implication for the future.
We consider the following key dimensions in our report:
Research: Technology breakthroughs and their capabilities.
Industry: Areas of commercial application for AI and its business impact.
Politics: Regulation of AI, its economic implications and the evolving geopolitics of AI.
Safety: Identifying and mitigating catastrophic risks that highly-capable future AI systems could pose to us.
Predictions: What we believe will happen in the next 12 months and a 2022 performance review to keep us honest.
1. 1
A SUMMER INTERNSHIP
CAPITAL BUDGTING
INDIAN OIL CORPORATION LIMITED
PUNJAB TECHNICAL
K.C COLLEGE OF ENGINEERING $ IT ,
NAWANSHAHR,PUNJAB.
IN PARTIAL FULFILMENT OF TWO
MASTER OF BUSINESS ADMINISTRATION
UNDER THE GUIDANCE O
MR.PANKAJ KUMAR MEEN
(CHARTERED ACCOUNTANT)
SUBMITTED TO:-(H.O.D)
MR.SACHIN VERMA
PROJECT REPORT
ON
AT
UNIVERSITY
AL YEAR FULL TIME
COURSE
(FINANCE)
OF SUBMITTED BY
MEENA AKHILESH KUMAR
T) ROLL NO 1315536
2. 2
PREFACE
In today‘s era of globalization and competition, coping up with technological
advancement, which is undergoing evolution at a very fast rate, holds the key to
the survival and growth of any organization. Installing technology, well-equipped
facilities or going for modification in the existing ones are the means
to attain better performance efficiency and hence further the value addition.
Indian Oil, the largest commercial enterprise of India (by sales turnover) is
India‘s sole representative in Fortunes prestigious listing of world‘s 500 largest
corporations, ranked 135th for the year 2007. To maintain strategic edge in the
market place, Indian Oil has given importance to capital budgeting because
capital investment decisions often represent the most important decisions taken
by an organization, and they are extremely important, they sometimes also pose
difficulties. The evaluation of projects should be performed by a group of
experts who have no axe to grind. It is necessary to ensure that an impartial
group scrutinizes projects and that objectivity is maintained in the evaluation
process. A company in practice should take all care in selecting a method or
methods of investment evaluation. The criterion selected should be a true
measure of the investment‘s profitability (in terms of cash flows), and it should
lead to the net increase in the company‘s wealth (that is, its benefits should
exceed its cost adjusted for time value and risk). It should also be seen that the
evaluation criteria do not discriminate between the investment proposals. They
should be capable of ranking projects correctly in terms of profitability. The
NPV method is theoretically the most desirable criterion as it is a true measure
of profitability; it generally ranks projects correctly and is consistent with the
wealth maximization criterion
3. 3
ACKNOWLEDGEMENT
This training part of MBA programme taught me a lot to understand the key of
success in the organization. One of them is teamwork. Teamwork is ability to
work together towards a common vision. It is a fuel that allows common people
to attain results. Therefore, I would like to thank all management team of
Indian Oil Corporation Limited who help me to achieve this result. This
project is not an individual effort but a collection of efforts by each & every
member associated with it. Working with Barauni Refinery, IOCL has been an
educative, interesting and motivating experience. I would hereby like to extend
my gratitude to the following people without whose cooperation and help at
every stage, successful completion of the project would not have been possible.
It is my privilege to express my deep gratitude to Mr. Pankaj Kumar
Meena(CA at IOCL) who gave me such a great opportunity & infrastructure to
do this project and also for his kind cooperation & help throughout the project. I
would like to express my profound gratitude & a sincere thanks to Mr. Anurag
Soni (SFM at IOCL), for his valuable time & educative guidance. Their
constant support, innovative ideas & practical approach helped me to make the
project more objective. I would also take this opportunity to thank my college
K.C COLLEGE OF ENGINEERING $ IT ,NAWANSHAHR,PUNJAB. to
put the theoretical inputs gathered at the institute to practice. I also feel a sense
of gratitude towards Prof. SACHIN VARMA who took personal interest in the
progress of this report.
4. 4
ABSTRACT
A project work is a mandatory requirement for the Business Management
Programme. This type of study aims at exposing the young prospective
executive to the actual business world. This project gives me knowledge about
the capital budgeting decisions of the company. Capital Budgeting decisions
may be defined as the firm’s decision to invest its current funds most efficiently
in the long-term assets in anticipation of an expected flow of benefits over a
series of years. It is very effective way to judge a company’s investment
decision prospects, as cash is like life-blood for any company. The report
initially begins with the company profile, followed by the detailed analysis of
company, like businesses of the company, products offered by the company,
financials of the company, etc. The report involves a lot of research to
understand what exactly capital budgeting is, why companies require research
and analysis to invest funds in projects , what are the ideal situation for
Investment a Company should maintain, etc. .Various tools, including financial
tools, are used in this project to calculate and compare the returns.
5. 5
CERTIFICATE
Certified that this project report titled “A study on Capital Budgeting at Indian
Oil Corporation Limited” is the bonafide work of AKHILESH KUMAR
(MBA-2013-2015), student of MBA FINANCE, at K.C COLLEGE OF
ENGINEERING $ IT.KARYAM ROAD,NAWANSHAHR, PUNJAB ,carried
out the research under my supervision during her internship programme.
Certified further, that to the best of my knowledge the work reported herein
does not form part of any other project or dissertation on the basis of which a
degree or award was confirmed on an easier occasion on this or any other
candidate.
PANKAJ KUMAR MEENA
6. 6
CONTENTS
PARTICULARS PAGE NO.
1. - INTRODUCTION OF THE COMPANY
A) Introduction of the company 7-18
B) SWOT ANALYSIS 18-20
C) Introduction of Barauni Refinery 21-25
2. INTRODUCTION OF THE TOPIC
A. CAPITAL BUDGUTING 25-26
B. CAPITAL BUDGUTING TECHNICQUE 27
C. FINANCIAL EVALUTION 27-28
D. NET PRESENT VALLUE 28-31
E. INETRNAL RATE OF RETURN 31-37
F. CORPORATE OBJECTIVE 38-40
G. FINANCIAL OBJECTIVE 39-40
H. SUMMERY OF FINANCIAL ANALYSIS 40-42
7. 7
INTRODUCTION 0F THE COMPANY
HISTORY OF INDIAN OIL CORPORATION LTD.
The Indian Oil Corporation Ltd. operates as the largest company in India in
terms of turnover and is the only Indian company to rank 88th in the Fortune
"Global 500" listing. The oil concern is administratively controlled by India's
Ministry of Petroleum and Natural Gas, a government entity that owns just over
90 percent of the firm. Since 1959, this refining, marketing, and international
trading company served the Indian state with the important task of reducing
India's dependence on foreign oil and thus conserving valuable foreign
exchange. That changed in April 2002, however, when the Indian government
deregulated its petroleum industry and ended Indian Oil's monopoly on crude
oil imports. The firm owns and operates seven of the 17 refineries in India,
controlling nearly 40 percent of the country's refining capacity.
8. 8
HISTORY OF OIL INDUSTRY IN INDIA
In 1881, Assam Railway & Trading co. began laying of tracks in Assam
One day, one of the elephants wandered away, to come back with
its feet smeared by slimy oil
Backtracking led to the discovery of oil in Borbhil, near present day
Digboi
A Canadian driller, Willey Leove hollered at native boys, “Dig boy
dig”
Digboi became the birth place of India s oil industry
In 1890s, crude oil distillated at Margherita, 16 km away from
Digboi, in cast iron pans, called „Stills
Digboi Refinery of Assam Oil Company (AOC) commissioned at its
present location in 1901 with 500 bbl/day capacity
AOC nationalised and its Refining and Marketing functions merged
with IOC in October, 1981
Digboi refinery is one of the oldest refinery in the world that is still
working
At the time of independence, India s oil industry was fully controlled
by international oil cartel
In 1956, Industrial Policy Resolution was passed, which laid the
foundation of national oil industry
The resolution stated – “Oil is of vast importance in the world today.
A country that does not produce its own oil is in a weak position. From
the point of view of defence, the absence of oil is a fatal weakness”.
Exploration & production was put into Schedule – „A , meaning
thereby that only state would operate in this field
Soon thereafter, ONGC was formed for oil exploration and drilling
9. Indian Oil Refineries were formed in 1958 for refining and
manufacturing of petroleum products, with Shri Feroze Gandhi as its
Chairman
This was followed by the formation of Indian Oil Co. in 1959, for
marketing and distribution of petroleum products
In 1960, Indian Oil Co. signed a historic agreement with soviet
Union for import of 1.5 MMT of SKO, HSD, and ATF over a period of 4
years on „ rupee payment basis . This initiated the end of to the
monopoly of foreign oil companies
On 1st September 1964, as a step towards achieving improved
efficiency, Indian Refineries and Indian Oil Co. were merged. Indian Oil
Corporation Ltd. (IOC) was born.
9
10. 10
INDIAN OIL CORPORATION LTD.
Indian Oil Corporation Ltd. (Indian Oil) was formed in 1964 through the
merger of Indian Oil Company Ltd. (Estd. 1959) and Indian Refineries Ltd. (Estd.
1958).
At Indian Oil, corporate social responsibility (CSR) has been the cornerstone
of success right from inception in the year 1964. The Corporation’s objectives in
this key performance area are enshrined in its Mission statement: "…to help
enrich the quality of life of the community and preserve ecological balance and
heritage through a strong environment conscience”
.From a fledgling company with a net worth of just Rs. 45.18 crore and sales
of 1.38 million tonnes valued at Rs. 78 crore in the year 1965, Indian Oil has
since grown over 3000 times.
Indian Oil Corporation Ltd. (Indian Oil) is India's largest commercial
enterprise, with a sales turnover of Rs. 2,47,479 crore (US $ 61.70 billion) and
profits of Rs. 6,963 crore (US $ 1.74 billion) for the year 2007-08.
Indian Oil is also the highest ranked Indian company in the prestigious
Fortune 'Global 500' listing, having moved up 19 places to the 116th position in
2008. It is also the 18th largest petroleum company in the world.
Indian Oil has ambitious investment plans of Rs. 43,250 crore in the next five
years. By 2011-12, the Indian Oil Group, with 80 MMTPA refining capacity in
its fold, would be playing a key role in realising India’s bid to emerge as an
export-oriented hub for finished products.
PRODUCTS
Indian Oil is not only the largest commercial enterprise in the country it is the
flagship corporate of the Indian Nation. Besides having a dominant market
share, Indian Oil is widely recognized as India’s dominant energy brand and
11. customers perceive Indian Oil as a reliable symbol for high quality products and
services.
Benchmarking Quality, Quantity and Service to world-class standards is a
philosophy that Indian Oil adheres to so as to ensure that customers get a truly
global experience in India.
Indian Oil is a heritage and iconic brand at one level and a contemporary, global
brand at another level. While quality, reliability and service remains the core
benefits to the customers.
11
Auto gas
Indian Oil Aviation Service
Bitumen
High Speed Diesel
Bulk / Industrial Fuel
Indene Gas
SERVO Lubricants & Greases
Marine Fuels & Lubricants
MS / Gasoline
Petrochemicals
12. 12
Special Products
Superior Kerosene Oil
Crude Oil
13. 13
HISTORY
Indian
Refineries
Ltd.
1958
Indian Oil
Company Ltd.
1959
MERGE
Indian Oil
Corporation Ltd.
1ST SEPTEMBER 1964
14. 14
CORPORATE STRUCTURE
CORPORATE
DIVISIONS
BOARD
Finance including
International Trade /
Information Systems /
Optimization / Corporate
Affairs
Human Resource including
Corporate Communications
Planning & Business
Development
Refineries (including
AOD s Digboi
Refinery)
Pipelines
Marketing (including
AOD s Marketing)
R&D
15. 15
REFINERIES DIVISION
REFINERIES HQ , NEW DELHI
TECHN
ICAL
PROJE
CTS
MATER
IALS
HR Finance S &
EP
M & I
REFINERIES
DIGBOI
GUWAHATI
BARAUNI
GUJARAT
HALDIA
MATHURA
PANIPAT
BONGAIGAON
16. 16
MISSION OBJECTIVES AND OBLIGATIONS OF THE
COMPANY
MISSION
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 maximise creation of wealth, value and satisfaction for
the stakeholders
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
To foster a culture of participation and innovation for
employee growth and contribution
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 ecological balance and heritage through a strong
environment conscience.
OBJECTIVES
To serve the national interests in the oil and related sectors
in accordance and consistent with Government policies.
To ensure and maintain continuous and smooth supplies of
petroleum products by way of crude refining, transportation
and marketing activities and to provide appropriate
assistance to the consumer to conserve and use petroleum
products efficiently.
To earn a reasonable rate of interest on investment.
To work towards the achievement of self-sufficiency in the
field of oil refining by setting up adequate capacity and to
build up expertise in laying of crude oil petroleum product
pipelines.
To create a strong research and development base in the
field of oil refining and stimulate the development of new
17. 17
product formulations with a view to minimise/eliminate
their imports and to have next generation products.
To maximise utilisation of the existing facilities in order to
improve efficiency and increase productivity.
OBLIGATIONS
Towards customers and dealers
To provide prompt, courteous and efficient service and
quality products at fair and reasonable prices
Towards suppliers
To ensure prompt dealings with integrity, impartiality and
courtesy and promote ancillary industries.
Towards employees
Develop their capability and advancement through
appropriate training and career planning.
Fair dealings with recognised representatives of employees
in pursuance of healthy trade union practice and sound
personnel policies.
18. 18
VALUES
Care – Stands for
Concern
Empathy
Understanding
Cooperation
Empowerment
Innovation –Stands for
Creativity
Ability to learn
Flexibility
Change
Passion - Stands for
Commitment
Dedication
Pride
Inspiration
Ownership
Zeal & Zest
Trust - Stands for
Delivered Promises
Reliability
Dependability
Integrity
Truthfulness
Transparency
19. 19
SWOT ANALYSIS
STRENGTHS
HIGH FOREIGN EXCHANGE DEBT.
IOCL has managed to significantly cut its borrowing cost due to high share of foreign
exchange debt. Its share of foreign exchange borrowings is increasing with foreign exchange
loans crossing 50% of its total debt compared to 42% at the end of the last financial year.
HIGHEST MARKET SHARE
As India's flagship national oil company, Indian Oil accounts for 56% petroleum products
market share, 42% national refining capacity and 67% downstream pipeline throughput
capacity.
FOREIGN SUBSIDIARIES AND JOINT VENTURES
Indian Oil is strengthening its existing overseas marketing ventures. The Corporation has
launched eleven joint ventures (listed separately) in partnership with some of the most
respected corporate from India and abroad .
WEAKNESSES
STRINGENT CORPORATE POLICIES
The decisions relating to administration are taken at the corporate
level. Even minor proposals are to be referred to the top management.
This leads to a delay in decision-making.
LACK OF MARKETING EFFORTS
20. 20
Among the public sector oil companies, Indian Oil Corporation is the
only one to follow a weak marketing strategy. It in only in the recent
years that the company has started to market its products. However,
still the efforts seem to be weak when compared with the competitors
like BPCL and HPCL.
PROMOTION POLICY
The employees are promoted mainly on the basis of experience and
not on the efforts and initiatives displayed by the employee in his
work. This results in demotivation and lack of interest for their work
on the part of the hardworking employees, who then tend to shift jobs
to satisfy their need for self-esteem.
OPPORTUNITIES
Exploration and Production
Indian Oil is metamorphosing from a pure sectoral company with
dominance in downstream in India to a vertically integrated,
transnational energy behemoth. The Corporation is making
investments in E&P and import/marketing ventures for oil and gas in
India and abroad, and is implementing a master plan to emerge as a
major player in petrochemicals by integrating its core refining
business with petrochemical activities.
THREATS
Entry of Big Private players
The opening up of the oil sector for private players poses a threat even
for this well-established company.
21. 21
INTRODUCTION TO BARAUNI REFINERY
The barauni refinery in eastern india was commissioned in 1964 with
a capacity of 2.0 mmtpa. The refining capacity was increased to 3.0
mmtpa by 1969 and
fluidised catalytic cracker) and hydrotreater facilities for diesel
quality improvement have been added. With the commissioning of
the 6.0 mmtpa haldia-barauni crude oil pipeline, the refinery now
received imported crude for processing. A cru (catalytic reformer
unit) was also added to the refinery in 1997 for production of
unleaded motor spirit. Projects are also planned for meeting future
fuel quality requirements. Barauni refinery supplies distillate
products beside eastern india to northern india through a product
pipeline to kanpur in uttar pradesh.
The year 2008-09 saw barauni refinery achieve the highest ever-crude
throughput of 5.94 mmt, beating the previous best of 5.63 mmt, which
was achieved in 2007-08, along with sustaining the distillate yield of
more than 85% (i.e. 85.7%) year after year
22. 22
barauni refinery achieved lowest ever 65.5 mbn of energy in the
year 2008-09. It reduced energy consumption by almost 10% over the
previous fiscal year of 2007-08. It excellence safety record during the
year 2008-09 is another feather. Barauni refinery coker unit was
declared as a zero steam leak unit it has avoided any accidents in the
unit during the year 2008-09
barauni petrochemicals plant is in the country the second oil
refinery in the public sector and forms an important part of the
indian petrochemical industry indian oil corporation ltd is speeding
up work on the high sulphur crude maximization project at its barauni
refinery in bihar. The project is estimated to cost rs 790 crore.
23. 23
FINANCIAL MISSIONS:
To provide high quality financial staff support for
decision-making and control to all levels of
management—corporate, divisional, unit and location to
enable the achievement of overall corporate objectives
and goals.
To play a lead role in scanning the domestic and
international financial environment, the formulation and
implementation of all financial policies and plans for
different time spans consistent with and conducive to the
business plans for expansion, diversification, productivity
etc.
To inculcate financial awareness, cost benefit attitudes
and system orientation in the entire organization.
FINANCE DIVISION
1: MAIN ACCOUNTS
For assets management, they prepare the master of assets, which includes name,
cost centre and other details for capitalization of assets. Further, receiving debit,
credit notes and reconciliation also form a part of this section.
2: PURCHASE
Accounting of cash purchases made by the materials department.
Arrangement for insurance of transit risk.
Maintenance of books of accounts.
Sales tax matters.
3: WORKS
Mainly deals with payment or running contracts. Its considers only plants
maintenance, roads, painting, welding, water etc.
4: PAYROLL
Rules for pay and allowance are prescribed by head office from time to time.
The eligibility for special type of allowance such as special allowances, shift
allowance etc. is determined by personnel department
24. 5: STORES AND MODVAT
Under this scheme, a manufacturer can take credit of excise duty paid on raw
materials and components used by him. The normal excise duty rate is 16%.
However it depends upon the Tariff class under which the product is classified.
6: TA/LTC/MEDICAL
This section also deals encashment of LTC and medical payment.
7: MISCELLANEOUS SECTION
Accounting of cash imp rest and advances for company expenses;
Passing of bills of miscellaneous nature
Miscellaneous recoveries from outsiders
8: PRODUCTION ACCOUNTING
Crude oil quantity and value accounting for the receipts,
consumption and stock.
Accounting of consumptions of own fuel/products.
Valuation of closing stocks i.e. Raw Material, ISD, Finished
Goods
Preparation of Cost Sheet and Cost Audit Performa
Monitoring of Revenue Budget, Preparation of Revenue Budget.
9: CASH / BANK
No fixed limit is established by the organization for making payments. The
organization has special current accounts with State Bank of India. These
accounts are the sources of payments.
10&11: PROJECT (WORKS) & PROJECT (PURCHASE)
12: PF & ADVANCES
24
25. 25
EXECUTIVE SUMMARY
Fortune 500 88th
position IN 2012-2013
Indian Oil
_ Indian Oil is India's flagship national oil company with business interests
straddling the entire hydrocarbon value chain – from refining, pipeline Barauni
Refinery – In harmony with nature- Rs.
5005cr
Other IOCL refineries (such as Gujarat Refinery, Bongaigaon Refinery) are also
in initial stage of adopting this modification.
10 OF INDIA'S 22 REFINERIES CAPACITY 65.7 MMPTA
MARKETING 49% SHARE
REFINING 31% SHARE
PIPELINE 71% SHARE
13thTPM National Conference
KAIZEN THEME:
Improvement in efficacy of Steam distribution system for
reduction in Energy Loss by Converting existing Condensing
cum Extraction Turbine into Back Pressure Turbine.
BARAUNI REFINERY
INDIAN OIL CORPORATION LIMITED
Estd Year-1964
Location,Bihar (India)
26. 26
INTRODUCTION OF THE TOPIC
CAPITAL BUDGETING
Capital budgeting refers to the process we use to make decisions concerning
investments in the long-term assets of the firm. The general idea is that the
capital, or long-term funds, raised by the firms are used to invest in assets that
will enable the firm to generate revenues several years into the future. Often the
funds raised to invest in such assets are not unrestricted, or infinitely available;
thus the firm must budget how these funds are invested.
IMPORTANCE OF CAPITAL BUDGETING
A bad decision can have a significant effect on the firm’s future operations. In
addition, the timing of the decisions is important. Many capital budgeting
projects take years to implement. If firms do not plan accordingly, they might
find that the timing of the capital budgeting decision is too late, thus costly with
respect to competition. Decisions that are made too early can also be
problematic because capital budgeting projects generally are very large
investments, thus early decisions might generate unnecessary costs for the firm.
Indian oil has given importance for capital budgeting because capital investment
decisions often represent the most important decisions taken by an organization,
and they are extremely important, they sometime also pose difficulties.
27. 27
Capital Budgeting Techniques
o Replacement decision—a decision concerning whether an existing asset
should replaced by a newer version of the same machine or even a different type
of machine that does the same thing as the existing machine. Such replacements
are generally made to maintain existing levels of operations, although
profitability might change due to changes in expenses (that is, the new machine
might be either more expensive or cheaper to operate than the existing
machine).
o Expansion decision—a decision concerning whether the firm should increase
operations by adding new products, additional machines, and so forth. Such
decisions would expand operations.
o Independent project—the acceptance of an independent project does not
affect the acceptance of any other project—that is, the project does not affect
other projects. For example, if you have a large sum of money in the bank that
you would like to spend on yourself
FINANCIAL EVALUATION
After determination of cash flow as per methodology enumerated
above, the next logical step is to financially evaluate the proposal.
The evaluation shall be carried out through following two
methods: (a) Internal Rate of Return (ROI/ROE) (b) Net Present
Value (NPV) [62]
Both the above methods fully recognize the timing of cash flows
through the process of discounted cash flows.
TECHNIQUES
In this section, the basic techniques that are used to make capital budgeting
decisions are described. To illustrate the techniques, let’s assume a firm is
considering investing in a project that has the following cash flows:
Year Expected After-Tax
(t) Net Cash Flows, t CF
0 $(5,000)
1 800
2 900
3 1500
4 1200
5 3200
28. $(5,000) represents the net cost, or initial investment, that is required to
purchase the asset—the parentheses indicate that the cash flow is negative. If
the firm’s required rate of return is 12 percent, the cash flow time line for the
asset is: 0 CF.
PAYBACK PERIOD
The number of years, including the fraction of the year, it takes to recapture the
initial investment. The following table shows the payback for this project:
Year Expected After-Tax Cumulative CF
(t) Net Cash Flows, t CF
0 $(5,000) (5,000)
1 800 (4200)
2 900 ( 3300)
3 1500 (1800)
4 1200 (600)
5 3200 2600
This table shows that the payback period is between four years and five years.
The actual payback is:
Payback period= (Number of years before recovery of original investment)
+
( Amount of investment/total cash flow during payback year)
=4 + $600/$3200
=4.19 years.
As the computation shows, it takes a little more than four years for the firm to
recapture its original investment for this project. The acceptance rule for
payback can be stated as follows: Accept the project if Payback, PB < some
number of years set by the firm This project would be acceptable if the firm
wants to recapture its investments’ costs within five years, but it would not be
acceptable if the firm wants to recapture the costs within three years.
28
NET PRESENT VALUE (NPV)—
To determine the NPV of a project, you need to compute the present value of all
the future cash flows associated with the project, sum them up, and then
subtract (or add a negative amount to) the initial investment of the project. The
resulting value represents the amount by which the firm’s value will increase,
on a present value basis, if the firm invests in the project. For example, if the
29. NPV of a project is $1,000, then the value of the firm should increase by $1,000
today. Thus, a project is acceptable if its NPV is positive. If a project has a
positive NPV, then it generates a return that is greater than the cost of the funds
29
that are used to purchase the project.
(a) The present value of a future sum of money can be found by
discounting it to the present point in time or Year ‗O‘ at the
required rate of return/ discount rate. Required rate of return
shall not be less than cost of capital. (b) Under this method, the
present value of each years‘ net cash flow is calculated, starting
from the year ‗0‘ till complete project life i.e. 15 years. This
discounting rate adopted shall be the Hurdle Rate.
(c) If the project has a positive Net Present Value, the project is
considered to be commercially viable.
According to the acceptance criterion, the project in our example should be
purchased. Remember that if the firm accepts a project with a positive NPV its
value should increase, and vice versa. Therefore, if the project had a negative
NPV it would not be acceptable because such a project would decrease the
value of the firm.
The easiest way to compute the NPV for a project is to use the cash flow
register on your Capital Budgeting calculator. Refer to the instructions that
came with your calculator to determine how to use the CF register. If you have a
Texas Instruments BAII PLUS, you can use the steps given in the ―Time
Value of Money section of the notes. The inputs should be CF0 = –5,000, CF1
= 800, CF2 = 900, CF3 = 1,500, CF4 = 1,200, CF5 = 3,200, and I = 12. Press
the NPV key (or CPT, then the NPV key) to find NPV = 77.82. You can also
use a spreadsheet to compute NPV. Using Excel, you could set up the
spreadsheet as follows:
30. To solve for the present value of the future cash flows, put the cursor in cell D3
and click on the ―Financial function named NPV. In the box that appears
input the following cell locations
The range B3:B7 contains the values of the cash flows for Year 1 through Year
5 because the NPV function programmed into the spreadsheet computes the
present value of the future cash flows only. When you click ―OK you will
see the result of the computation, which is $5,077.82, appear in cell D3. But,
because this result represents the present value of the future cash flows, you
need to add CF0 to the result to include the amount of the initial investment. In
this case, the computation is completed in cell D4, where CF0 is added to the
30
31. result of the NPV computation that appears in cell D3. Cell D4 should now
show the correct answer for the NPV, which is $77.82
We can use the present values of the future cash flows to compute the
discounted payback. To do so, we simply apply the concept of the traditional
payback to the present values of the future cash flows as follows:
YEAR CASH FLOW PV OF CF CUMULATIVE
31
PV
0 $(5000) $(5000) $(5000)
1 800 714.29 (4285.71)
2 900 717.47 ( 3568.24)
3 1500 1067.67 (2500.57)
4 1200 762.62 (1737.95)
5 3200 1815.77 77.82
Thus, the discounted payback is
Payback period= (Number of years before recovery of original investment) +
( Amount of investment/total cash flow during payback year
=4 + $1,737.95/$1,815.77
=years 96 .4
When using the discounted payback, a project is acceptable if its payback is less
than its life. In this case, 4.96 years is less than five years, so the project is
acceptable. Notice, however, we could have made the decision by looking at the
last line of the column labeled ―Cumulative PV because that value is the
NPV. So, if you set up the problem as we did in the above table and the ending
value for the ―Cumulative PV is greater than zero, then NPV > 0 and the
project is acceptable.
INTERNAL RATE OF RETURN (IRR)
It was mentioned above that a project that has a positive NPV generates a return
that is greater than the cost of the funds used to purchase the project. The IRR is
defined as the rate of return the firm would earn, on average, if it purchases the
project. To determine the IRR, we want to compute the rate of return that causes
the NPV of the project to equal zero, or where the present value of the future
cash flows equals the initial investment. In other words.
(a) Internal Rate of Return (IRR) is the discounting rate at which present value
of cash inflow is equal to the present value of cash outflow. In other words, the
32. discount rate that yields a ZERO Net Present Value is called Internal Rate of
Return. (b) IRR shall be computed for all capital investment proposals and
indicated in the Capital Investment Proposals.
It is not easy to solve for the IRR without a calculator because you have to use a
trial-and-error method—that is, plug in various values for IRR until the right
side of the equation equals the left side of the equation. With a financial
calculator, however, it is very easy to solve for IRR.
Follow the same steps you would to compute the NPV, but press the IRR key
(or CPT and then the IRR key) instead of the NPV key. You should find that
IRR= 12.5%. Using a spreadsheet to compute the IRR for the project, set up the
problem as before
To solve for the internal rate of return for this project, put the cursor in cell D5
and click on the ―Financial function named IRR. In the box that appears
input the following cell locations:
32
33. The range B2:B7 contains the values of all the cash flows for the project.
When you click ―OK, the answer, 12.50%, will appear in cell D5. A project
is acceptable using IRR if its IRR is greater than the firm’s required rate of
return—that is, IRR > r. Remember that the IRR represents the rate of return the
firm will earn if the project is purchased. So, simply stated, the project must
earn a return that is greater than the cost of the funds used to purchase it. In our
example, IRR = 12.5%, which is greater than r = 12%, so the project is
acceptable.
33
36. 36
ANALYSIS
The project is accepted if the internal rate of return is higher or equal to the
minium required rate of return .the minimum required rate of return is also
know as cut off rate of firm cost of capital.
A project shall be rejected if its irr is lower than the cut off rate. As the irr is
found to be higher than the cut off rate the project is accepted
37. 37
COMPARISON OF THE NPV AND IRR METHODS
Summarizing what we have discussed to this point, we know that a project is
acceptable if its NPV is greater than zero. If a project has an NPV greater than
zero, then it generates a return that is greater than the cost of the funds used to
purchase the project. We also know that a project is acceptable if its IRR is
greater than the firm’s required rate of return. When a project has an IRR
greater than the required rate of return, then it generates a return that is greater
than the cost of the funds used to purchase the project. As you can see by the
italicized phrases, accepting a project using the NPV technique provides the
same benefit as accepting a project using the IRR technique. As a result, both
the NPV technique and the IRR technique should always give the same
accept/reject decision—that is, if a project is acceptable using the NPV method,
it also is acceptable using the IRR method, and vice versa. As we will discover
shortly, however, when comparing two or more projects, the two techniques do
not always agree as to which project is best.
For debt-financed projects, Debt Service Coverage Ratio (DSCR) is
also to be calculated, so as to ascertain the debt serving
capability of the project. DSCR is calculated as under: Profit after
tax+ Depreciation + Interest on long term loan Interest on long
term loan + Loan Repayment installment Break-ever analysis is a
tool to ascertain the level of sales required to meet the funds
requirement (fixed + variable). This can be used as a sensitive
analysis tool and can be computed as under: Total fixed cost
Break Even Units = (BEU)/( Unit Selling Price – Unit Variable
cost )
BEUs are minimum sales units at which, project is just meeting
its funds requirement and there is no loss or gain.
The computed IRR shall be compared with Benchmark IRR
(hurdle rates). Hurdle rates shall be calculated based on
Weighted Average Long Term Cost of Capital (WACC) along with
project specific risk premium. Hurdle rates shall be revised
annually after approval of competent authority.
38. 38
CORPORATE OBJECTIVES
To serve the national interests in the Oil and related sectors in accordance and
consistent with Government policies.
To ensure and maintain continuous and smooth supplies of petroleum products
by way of crude refining, transportation and marketing activities and to provide
appropriate assistance to the consumer to conserve and use petroleum products
efficiently.
To earn a reasonable rate of interest on investment.
To work towards the achievement of self-sufficiency in the filed of Oil refining
by setting up adequate capacity and to build up expertise in laying of crude 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 the existing facilities in order to improve efficiency
and increase productivity.
To optimize utilization of its refining capacity and maximize distillate yield
from refining of crude to minimize foreign exchange outgo.
To minimize fuel consumption in refineries and stock losses in marketing
operations to effect 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.
39. To avail of all viable opportunities, both national and global, arising out of the
liberalization policies being pursued by the Government of India.
To achieve higher growth through integration, mergers, acquisitions and
diversification by harnessing new business opportunities
39
FINANCIAL OBJECTIVES
To ensure adequate return on the 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.
To develop long-term corporate plans to provide for adequate growth of the
activities of the corporation.
To endeavor to reduce the cost of production of petroleum products by means
of systematic cost control measures.
To endeavor to complete all planned projects within the stipulated time and cost
estimates.
41. SUMMARY OF FINANCIAL ANALYSIS
For the purpose of financial analysis of capital investment
proposals, cash flow estimates shall be prepared for the full
project life. These cash flow estimates along with calculation of
ROI/ROE, NPV, DSCR & Break Even analysis shall be attached
to the proposal. While considering the base case, capacity
utilization shall not be more than 90% (2nd year onwards) through
out the project life cycle for all projects. A statement of
assumptions made for Financial Analysis shall be enclosed. In
summary it may be stated that the more sophisticated and
mathematical methods of investment appraisal, particularly NPV
and IRR can have extremely useful applications so long as they
are used appropriately. Divisions while using these methods shall
have an appreciation of limitations of these methods. Though
these methods do reckon time value of money, but results of
these methods largely depend on the accurate forecasting of the
future cash flow. Therefore, it is important that utmost care is
exercised in correctly estimating the future cash flows.
41
BIBLIOGRAPHY
INTERNET
GOOGLE
WWW.IOCL.IN
WWW.GOOGLE.COM
I. M. Pandey – Financial Management
Khan And Jain –Financial Management
iocl.in
investopedia.com