energy industr mini project

8/14/2019 Energy Industr Mini Project.

1/38


2/38

ACKNOWLEDGEMENT

I express my sincere thanks to Dr.R.Nandagopal, Director,PSG Institute of Management, for giving me this opportunity todo this project and his exquisite guidance ,support andencouragement which helped me to complete this project.I express my thanks to Mr. P. Varadarajan, for his guidanceand support in the project work.I wish to extend my heart-felt thanks to the co-ordinator of

MBA UT ,Mrs.V.Srividya.


3/38


4/38

The rationale of ratio analysis lies in the fact it makes related informationcomparable. A single figure by itself has no meaning but when expressed in terms of arelated figure, it yields significant inferences.

Ratio analysis, thus as a quantitative tool , enables analysts to draw quantitativeanswers to questions such as: Are the net profits adequate? Are the assets being usedefficiently? Is the firm solvent? Can the firm meet its current obligations and so on?

In this study, five major energy industries of the north and south sectors, fiveyear data have been analysed extensively using the Ratio Analysis Methodology. Wehave made use of the Trend Ratios and Inter-firm Comparison in this study to drawconclusions regarding the financial operations of various companies under study.

Based on the balance sheets and the Profit and Loss statements of the fivecompanies, ratios have been computed to study the financial positions of the company ,the degree of efficiency, its liquidity position and also the level competency in theindustry over the past five years from 2004-09.

Industry profile:

Energy Industry:

The energy industry is a generic term for all of the industries involved theproduction and sale of energy , including fuel extraction, manufacturing, refining anddistribution. Modern society consumes large amounts of fuel, and the energy industry isa crucial part of the infrastructure and maintenance of society in almost all countries .

In particular, the energy industry comprises:

the petroleum industry , including oil companies , petroleum refiners, fueltransport and end-user sales at gas stations

the gas industry, including natural gas extraction, and coal gas manufacture, aswell as distribution and sales
http://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Energyhttp://en.wikipedia.org/wiki/Energyhttp://en.wikipedia.org/wiki/Energyhttp://en.wikipedia.org/wiki/Fuelhttp://en.wikipedia.org/wiki/Fuelhttp://en.wikipedia.org/wiki/Fuelhttp://en.wikipedia.org/wiki/Oil_refineryhttp://en.wikipedia.org/wiki/Oil_refineryhttp://en.wikipedia.org/wiki/Oil_refineryhttp://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/wiki/Nationhttp://en.wikipedia.org/wiki/Nationhttp://en.wikipedia.org/wiki/Nationhttp://en.wikipedia.org/wiki/Petroleum_industryhttp://en.wikipedia.org/wiki/Petroleum_industryhttp://en.wikipedia.org/wiki/Petroleum_industryhttp://en.wikipedia.org/wiki/Oil_companieshttp://en.wikipedia.org/wiki/Oil_companieshttp://en.wikipedia.org/wiki/Oil_companieshttp://en.wikipedia.org/wiki/Gas_stationhttp://en.wikipedia.org/wiki/Gas_stationhttp://en.wikipedia.org/wiki/Gas_stationhttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Coal_gashttp://en.wikipedia.org/wiki/Coal_gashttp://en.wikipedia.org/wiki/Coal_gashttp://en.wikipedia.org/wiki/Coal_gashttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Gas_stationhttp://en.wikipedia.org/wiki/Oil_companieshttp://en.wikipedia.org/wiki/Petroleum_industryhttp://en.wikipedia.org/wiki/Nationhttp://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/wiki/Oil_refineryhttp://en.wikipedia.org/wiki/Fuelhttp://en.wikipedia.org/wiki/Energyhttp://en.wikipedia.org/wiki/Industry


5/38

the electrical power industry , including electricity generation , electric powerdistribution and sales

the coal industry

the nuclear power industry

the renewable energy industry , comprising alternative energy and sustainableenergy companies, including those involved in hydroelectric power , wind power , and solar power generation, and the manufacture, distribution and saleof alternative fuels .

traditional energy industry based on the collection and distribution of firewood , the use of which, for cooking and heating, is particularly common in poorer

countries

Defining the energy industry:

Government classifications

The United Nations developed the International Standard Industrial Classification , which is a list of economic and social classifications. There is no distinct classification for

an energy industry, because the classification system is based on activities, products,and expenditures according to purpose.

Countries in North America use the North American Industry ClassificationSystem (NAICS). The NAICS sectors #21 and #22 (mining and utilities) might roughlydefine the energy industry in North America. This classification is used by the U.S.Securities and Exchange Commission .

Financial market classifications

The Global Industry Classification Standard used by Morgan Stanley define theenergy industry as comprising companies primarily working with oil, gas, coal andconsumable fuels, excluding companies working with certain industrial gases.
http://en.wikipedia.org/wiki/Electrical_power_industryhttp://en.wikipedia.org/wiki/Electrical_power_industryhttp://en.wikipedia.org/wiki/Electrical_power_industryhttp://en.wikipedia.org/wiki/Electricity_generationhttp://en.wikipedia.org/wiki/Electricity_generationhttp://en.wikipedia.org/wiki/Electricity_generationhttp://en.wikipedia.org/wiki/Electric_power_distributionhttp://en.wikipedia.org/wiki/Electric_power_distributionhttp://en.wikipedia.org/wiki/Electric_power_distributionhttp://en.wikipedia.org/wiki/Electric_power_distributionhttp://en.wikipedia.org/wiki/Coalhttp://en.wikipedia.org/wiki/Coalhttp://en.wikipedia.org/wiki/Coalhttp://en.wikipedia.org/wiki/Nuclear_powerhttp://en.wikipedia.org/wiki/Nuclear_powerhttp://en.wikipedia.org/wiki/Nuclear_powerhttp://en.wikipedia.org/wiki/Renewable_energy_industryhttp://en.wikipedia.org/wiki/Renewable_energy_industryhttp://en.wikipedia.org/wiki/Renewable_energy_industryhttp://en.wikipedia.org/wiki/Alternative_energyhttp://en.wikipedia.org/wiki/Alternative_energyhttp://en.wikipedia.org/wiki/Alternative_energyhttp://en.wikipedia.org/wiki/Sustainable_energyhttp://en.wikipedia.org/wiki/Sustainable_energyhttp://en.wikipedia.org/wiki/Sustainable_energyhttp://en.wikipedia.org/wiki/Sustainable_energyhttp://en.wikipedia.org/wiki/Hydroelectric_powerhttp://en.wikipedia.org/wiki/Hydroelectric_powerhttp://en.wikipedia.org/wiki/Hydroelectric_powerhttp://en.wikipedia.org/wiki/Wind_powerhttp://en.wikipedia.org/wiki/Wind_powerhttp://en.wikipedia.org/wiki/Wind_powerhttp://en.wikipedia.org/wiki/Solar_powerhttp://en.wikipedia.org/wiki/Solar_powerhttp://en.wikipedia.org/wiki/Solar_powerhttp://en.wikipedia.org/wiki/Alternative_fuelhttp://en.wikipedia.org/wiki/Alternative_fuelhttp://en.wikipedia.org/wiki/Alternative_fuelhttp://en.wikipedia.org/wiki/Firewoodhttp://en.wikipedia.org/wiki/Firewoodhttp://en.wikipedia.org/wiki/Firewoodhttp://en.wikipedia.org/wiki/United_Nationshttp://en.wikipedia.org/wiki/United_Nationshttp://en.wikipedia.org/wiki/United_Nationshttp://en.wikipedia.org/wiki/International_Standard_Industrial_Classificationhttp://en.wikipedia.org/wiki/International_Standard_Industrial_Classificationhttp://en.wikipedia.org/wiki/International_Standard_Industrial_Classificationhttp://en.wikipedia.org/wiki/North_American_Industry_Classification_Systemhttp://en.wikipedia.org/wiki/North_American_Industry_Classification_Systemhttp://en.wikipedia.org/wiki/North_American_Industry_Classification_Systemhttp://en.wikipedia.org/wiki/North_American_Industry_Classification_Systemhttp://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commissionhttp://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commissionhttp://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commissionhttp://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commissionhttp://en.wikipedia.org/wiki/Global_Industry_Classification_Standardhttp://en.wikipedia.org/wiki/Global_Industry_Classification_Standardhttp://en.wikipedia.org/wiki/Global_Industry_Classification_Standardhttp://en.wikipedia.org/wiki/Morgan_Stanleyhttp://en.wikipedia.org/wiki/Morgan_Stanleyhttp://en.wikipedia.org/wiki/Morgan_Stanleyhttp://en.wikipedia.org/wiki/Morgan_Stanleyhttp://en.wikipedia.org/wiki/Global_Industry_Classification_Standardhttp://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commissionhttp://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commissionhttp://en.wikipedia.org/wiki/North_American_Industry_Classification_Systemhttp://en.wikipedia.org/wiki/North_American_Industry_Classification_Systemhttp://en.wikipedia.org/wiki/International_Standard_Industrial_Classificationhttp://en.wikipedia.org/wiki/United_Nationshttp://en.wikipedia.org/wiki/Firewoodhttp://en.wikipedia.org/wiki/Alternative_fuelhttp://en.wikipedia.org/wiki/Solar_powerhttp://en.wikipedia.org/wiki/Wind_powerhttp://en.wikipedia.org/wiki/Hydroelectric_powerhttp://en.wikipedia.org/wiki/Sustainable_energyhttp://en.wikipedia.org/wiki/Sustainable_energyhttp://en.wikipedia.org/wiki/Alternative_energyhttp://en.wikipedia.org/wiki/Renewable_energy_industryhttp://en.wikipedia.org/wiki/Nuclear_powerhttp://en.wikipedia.org/wiki/Coalhttp://en.wikipedia.org/wiki/Electric_power_distributionhttp://en.wikipedia.org/wiki/Electric_power_distributionhttp://en.wikipedia.org/wiki/Electricity_generationhttp://en.wikipedia.org/wiki/Electrical_power_industry


6/38

Environmental impact

Because of government encouragement in the formof subsidies and tax incentives , energy conservation efforts are also being increasingly

viewed as a major function of the energy industry, as saving an amount of energy hasalmost identical economic benefits to generating that same amount of energy.

This is compounded by the fact that the economics of delivering energy tend to be priced for capacity as opposed to average usage. One of the purposes of a smartgrid infrastructure is to smooth out demand so that capacity and demand curves are moreclosely aligned.

The energy industry generates a large amount of pollution , including thegeneration of toxic gases and greenhouse gases from fuel combustion, nuclear waste fromnuclear power generation, and oil spillages in the petroleum industry.

Government regulations to internalize these externalities form an increasing partof doing business, and the trading of carbon credits and pollution credits on the freemarket may also result in energy saving and pollution control measures becoming evenmore important to energy companies.

Company Profile:

1. GAIL (India) Limited:

COMPANY : Gas Authority of India Ltd
http://en.wikipedia.org/wiki/Subsidyhttp://en.wikipedia.org/wiki/Subsidyhttp://en.wikipedia.org/wiki/Subsidyhttp://en.wikipedia.org/wiki/Taxhttp://en.wikipedia.org/wiki/Taxhttp://en.wikipedia.org/wiki/Incentivehttp://en.wikipedia.org/wiki/Incentivehttp://en.wikipedia.org/wiki/Incentivehttp://en.wikipedia.org/wiki/Energy_conservationhttp://en.wikipedia.org/wiki/Energy_conservationhttp://en.wikipedia.org/wiki/Energy_conservationhttp://en.wikipedia.org/wiki/Smart_gridhttp://en.wikipedia.org/wiki/Smart_gridhttp://en.wikipedia.org/wiki/Smart_gridhttp://en.wikipedia.org/wiki/Smart_gridhttp://en.wikipedia.org/wiki/Pollutionhttp://en.wikipedia.org/wiki/Pollutionhttp://en.wikipedia.org/wiki/Pollutionhttp://en.wikipedia.org/wiki/Greenhouse_gashttp://en.wikipedia.org/wiki/Greenhouse_gashttp://en.wikipedia.org/wiki/Greenhouse_gashttp://en.wikipedia.org/wiki/Nuclear_wastehttp://en.wikipedia.org/wiki/Nuclear_wastehttp://en.wikipedia.org/wiki/Nuclear_wastehttp://en.wikipedia.org/wiki/Oil_spillagehttp://en.wikipedia.org/wiki/Oil_spillagehttp://en.wikipedia.org/wiki/Oil_spillagehttp://en.wikipedia.org/wiki/Externalityhttp://en.wikipedia.org/wiki/Externalityhttp://en.wikipedia.org/wiki/Externalityhttp://en.wikipedia.org/wiki/Carbon_credithttp://en.wikipedia.org/wiki/Carbon_credithttp://en.wikipedia.org/wiki/Carbon_credithttp://en.wikipedia.org/wiki/Pollution_credithttp://en.wikipedia.org/wiki/Pollution_credithttp://en.wikipedia.org/wiki/Pollution_credithttp://en.wikipedia.org/wiki/Pollution_credithttp://en.wikipedia.org/wiki/Carbon_credithttp://en.wikipedia.org/wiki/Externalityhttp://en.wikipedia.org/wiki/Oil_spillagehttp://en.wikipedia.org/wiki/Nuclear_wastehttp://en.wikipedia.org/wiki/Greenhouse_gashttp://en.wikipedia.org/wiki/Pollutionhttp://en.wikipedia.org/wiki/Smart_gridhttp://en.wikipedia.org/wiki/Smart_gridhttp://en.wikipedia.org/wiki/Energy_conservationhttp://en.wikipedia.org/wiki/Incentivehttp://en.wikipedia.org/wiki/Taxhttp://en.wikipedia.org/wiki/Subsidy


7/38

TYPE : PSU

FOUNDED : 1984

HEAD QUARTERS: New Delhi

INDUSTRY : Petroleum and Gas

EMPLOYEES : 3480

GAIL (India) Limited or Gas Authority of India Ltd , is India 's largest natural gas transportation company, integrating all aspects of the natural gas value chain. GAIL islisted by Forbes as one of the world's 2,000 largest public companies in 2007. It is India'sprincipal gas transmission and marketing company. It was set up by the Government of

India in August 1984 to create gas sector infrastructure. GAIL commissioned the 2800-km Hazira-Vijaipur-Jagdishpur (HVJ) pipeline in 1991. GAIL began its city gas distributionin New Delhi in 1997 by setting up nine compressed natural gas (CNG) stations.

2. Reliance Power:

COMPANY : Reliance Power

TYPE : Public Company

FOUNDED : 2007

HEAD QUARTERS : Navi Mumbai

INDUSTRY : Electricity Generation

Reliance Power Limited , a part of the Reliance Anil DhirubhaiAmbani Group , wasestablished to develop, construct and operate power projects in the domestic andinternational markets. Reliance Energy Limited, an Indian private sector power utilitycompany along with the Anil DhirubhaiAmbani Group promotes Reliance Power.Alongwith its subsidiaries, it is presently developing 13 medium and large-sized powerprojects with a combined planned installed capacity of 33,480 MW. Its headquarters
http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Pipeline_transporthttp://en.wikipedia.org/wiki/Pipeline_transporthttp://en.wikipedia.org/wiki/Pipeline_transporthttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Compressed_natural_gashttp://en.wikipedia.org/wiki/Compressed_natural_gashttp://en.wikipedia.org/wiki/Compressed_natural_gashttp://en.wikipedia.org/wiki/Anil_Dhirubhai_Ambani_Grouphttp://en.wikipedia.org/wiki/Anil_Dhirubhai_Ambani_Grouphttp://en.wikipedia.org/wiki/Anil_Dhirubhai_Ambani_Grouphttp://en.wikipedia.org/wiki/Reliance_Energyhttp://en.wikipedia.org/wiki/Reliance_Energyhttp://en.wikipedia.org/wiki/Watthttp://en.wikipedia.org/wiki/Watthttp://en.wikipedia.org/wiki/Watthttp://en.wikipedia.org/wiki/Reliance_Energyhttp://en.wikipedia.org/wiki/Anil_Dhirubhai_Ambani_Grouphttp://en.wikipedia.org/wiki/Compressed_natural_gashttp://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Pipeline_transporthttp://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Natural_gashttp://en.wikipedia.org/wiki/India


8/38

situated in Navi Mumbai, India.

3. Indian Oil Corporation:

COMPANY : Indian Oil Corporation

TYPE : PSU

FOUNDED : 1964

HEAD QUARTERS : New Delhi

INDUSTRY : Petroleum

EMPLOYEES : 36217 (approx)

Indian Oil Corporation is an Indian public-sector petroleum company. It is India slargest commercial enterprise, ranking 105th on the Fortune Global 500 listing (2009). Itbegan operation in 1959 as Indian Oil Company Ltd. The Indian Oil Corporation wasformed in 1964, with the merger of Indian Refineries Ltd. Indian Oil and its subsidiariesaccount for a 47% share in the petroleum products market, 40% share in refiningcapacity and 67% downstream sector pipelines capacity in India.

The Indian Oil Group of Companies owns and operates 10 of India's 19 refinerieswith a combined refining capacity of 60.2 million metric tons per year. On 30th June

2009 IndianOil completed 50 years of its existence and a series of events are beingplanned to celebrate its Golden Jubilee Year .

Overview Indian Oil operates the largest and the widest network of fuel stations in thecountry, numbering about 17606 (15557 regular ROs & 2049 KissanSewa Kendra).

It has also started Auto LPG Dispensing Stations (ALDS). It reaches Indane cookinggas to over 47.5 million households through a network of 4,990 Indian distributors. Inaddition, Indian Oil's Research and Development Center (R&D) at Faridabad supports,
http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Fortune_Global_500http://en.wikipedia.org/wiki/Fortune_Global_500http://en.wikipedia.org/wiki/Fortune_Global_500http://en.wikipedia.org/w/index.php?title=Golden_Jubilee_Year&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Golden_Jubilee_Year&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Golden_Jubilee_Year&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Golden_Jubilee_Year&action=edit&redlink=1http://en.wikipedia.org/wiki/Fortune_Global_500http://en.wikipedia.org/wiki/India


9/38


10/38

exploration and production of oil.

It is involved in exploring for and exploiting hydrocarbons in 26 sedimentarybasins of India. It produces about 30% of India's crude oil requirement. It owns andoperates more than 11,000 kilometers of pipelines in India. Until recently (March 2007)

it was the largest company in terms of market cap in India.

5. Hindustan Petroleum:

COMPANY : Hindustan Petroleum

TYPE : PSU

FOUNDED : 1954

HEAD QUARTERS : Mumbai

INDUSTRY : Petroleum

EMPLOYEES : 11245 (approx)

HPCL (Hindustan Petroleum Corporation Limited), a NavratnaPSU of theGovernment of India, is a Fortune 500 company of India listed at number 311 in theglobal 500 rankings, with an annual turnover of over Rs. 1,16,428 Crores andsales/income from operations of Rs 1,31,802 Crores (US$ 25,618 Millions) duringfinancial year 2008-09, about 20% Marketing share in India and a strong marketinfrastructure.

Corresponding figures for financial year 2007-08 are: Turnover- Rs1,03,837crores, and sales/income from Operations- Rs. 1,12,098 Crores (US$ 25,142Million).

HPCL operates 2 major refineries producing a wide variety of petroleum fuels &specialties, one in Mumbai (West Coast) of 5.5 Million Metric Tonnes Per Annum(MMTPA) capacity and the other in Vishakhapatnam, (East Coast) with a capacity of 7.5MMTPA.
http://en.wikipedia.org/wiki/Market_caphttp://en.wikipedia.org/wiki/Market_caphttp://en.wikipedia.org/wiki/Market_caphttp://en.wikipedia.org/wiki/Navratnahttp://en.wikipedia.org/wiki/Navratnahttp://en.wikipedia.org/wiki/Rupeehttp://en.wikipedia.org/wiki/Rupeehttp://en.wikipedia.org/wiki/Financial_yearhttp://en.wikipedia.org/wiki/Financial_yearhttp://en.wikipedia.org/wiki/Financial_yearhttp://en.wikipedia.org/wiki/Rupeehttp://en.wikipedia.org/wiki/Navratnahttp://en.wikipedia.org/wiki/Market_cap


11/38


12/38

methods and accounting procedures.

The traditional financial statements failed to take the price level changes into

consideration.

There is a conceptual diversity regarding the computation of ratios. Only five years are taken into consideration.

Some data are approximated while calculations are being done.

REVIEW OF LITERATURE:

1. Abstract:

This paper provides a critical review of the theoretical and empirical basis of fourcentral areas of financial ratio analysis. The research areas reviewed are the functionalform of the financial ratios, distributional characteristics of financial ratios, classificationof financial ratios, and the estimation of the internal rate of return from financialstatements. It is observed that it is typical of financial ratio analysis research that thereare several unexpectedly distinct lines with research traditions of their own. A commonfeature of all the areas of financial ratio analysis research seems to be that whilesignificant regularities can be observed, they are not necessarily stable across thedifferent ratios, industries, and time periods. This leaves much space for thedevelopment of a more robust theoretical basis and for further empirical research.Keywords: Financial statement analysis, financial ratios, reviewAcknowledgments: Our thanks are due to Manuel Garcia-AyusoCovarsi of the Universityof Sevilla, Spain, for his constructive comments.Published as TimoSalmi and TeppoMartikainen (1994), "A Review of the Theoretical andEmpirical Basis of Financial Ratio Analysis", The Finnish Journal of Business Economics

4/94, 426-448. Also published on the World Wide Webashttp://www.uwasa.fi/~ts/ejre/ejre.html


13/38

2. Abstract:

DOI: 10.1353/pla.2007.0012 Seaman, Scott.Salary Compression: A Time-Series Ratio Analysis of ARL Position Classificationsportal: Libraries and the Academy - Volume 7, Number 1, January 2007, pp. 7-24The Johns Hopkins University PressAlthough salary compression has previously been identified in such professional schoolsas engineering, business, and computer science, there is now evidence of salarycompression among Association of Research Libraries members. Using salary data fromthe ARL Annual Salary Survey, this study analyzes average annual salaries from1994 1995 through 2004 2005. It compares changes in salary rat ios betweenentry-, mid-, and senior-level librarians for evidence of salary compression during this10-year period for 16 of the 20 formally defined ARL position classifications. Evidence isfound for salary compression among the position classifications, but, with certain

exceptions, the phenomenon of compression has become less severe among ARLlibrarians over the 10 years surveyed.

3.Abstract:

This paper presents a capital budgeting analysis of Johnson & Johnson whomanufactures and markets pharmaceuticals for both the health care and consumermarkets. The paper examines their solvency and liquidity, as well as their growth overthe pasty five years. The paper then analyzes their consistently high margins anddiscuses a financial ratio analysis of the company.

"The time frame for profitability is also fairly long. On a machine with a life spanof eight years, it takes almost 6 full years to realize a payback. Remember that theprofitability is highly sensitive to shifts in unit cost and unit price. Six years is a long timefor the cost structure of the investment to change. If price pressures are felt, the projectwould become unprofitable almost immediately if they are unable to squeeze acorresponding cost decrease from their suppliers. For example, if at year three the unitprice is squeezed, down to $195, and the suppliers cannot or will not adjust their pricesto JNJ accordingly, the project's NPV becomes -106.48. This illustrates the real risk thatprice pressures have, even halfway through the project's life span."

Tags: liquidity, equity, solvency, consumer, growth

4.Abstract:

This paper compares the financial statement analysis of the Walt DisneyCompany. It compares information on the company to the industry medians/averages


14/38

and calculates ratios. The author interprets how the company's ratios compare to thoseof the industry median.From the Paper"The Walt Disney Company together with its subsidiaries is a diversified worldwideentertainment company with operations in four business segments Media NetworksParks and Resorts Studio Entertainment and Consumer Products. The Walt DisneyCompany is the second ..."Tags: Financial statement, financial analysis, current ratio, quick ratio, debt to equity.ratio analysis Disney company.

5.Abstract:

This paper presents a quantitative analysis of financial statements 2004-2002 forDelta Airlines. The paper presents a financial ratio analysis, a cash flow analysis and acommon size balance sheet analysis. The paper looks at revenue and profit trends andincludes several tables.From the Paper"This report analyses the financial statements of Delta Airlines Inc. Included in theanalyses are the company's financial statements for thereporting years ending ..."Tags: Delta Air LinesRatio Analysis, Balance sheets, Revenue, Profit.

Research Methodology:

RESEARCH DESIGN:

It is the conceptual structure within which research is conducted. It constitutes the blueprint for the collection, measurement and analyses of data. The study aims atnarration of existing facts and figures regarding financial position of five selectedcompanies from the energy industry and the research design adopted in the study has

been analytical in nature.

PERIOD OF THE STUDY:

The study covers a period of 5 years i.e.) from 2004-05 to 2008-09.

DATA COLLECTION METHOD:The study is based on the secondary data collected from various resources.

SOURCES OF DATA:Capitaline plus database and other informational sites.


15/38

SAMPLE SPACE:

In this project, sample of five companies and their performance over five yearsare used to determine the overall financial status of the chosen companies. Thecompanies are chosen randomly and there is no formal procedure for having chosensuch companies. The companies exhibit the expected diversity during the period of study.

STATISTICAL TOOLS USED:

The secondary data collected was analysed and interpreted using trend analysisand inter-firm comparisons.

Ratio Analysis:Ratio Analysis is a widely-used tool of financial analysis. It can be used to

compare the risk and return relationships of firms of different sizes. It is defined as thesystematic use of ratio to interpret the financial statements so that the strengths andweakness of a firm as well as its historical performance and current financial conditioncan be determined. The term ratio refers to the numerical or quantitative relationshipbetween two items/variables. This relationship can be expressed as (i) percentages, (ii)fraction and (iii) proportion of numbers. These alternative methods of expressing itemswhich are related to each other are, for purpose of financial analysis, referred to as ratio

analysis. What the ratio does is that they reveal the relationship in more meaningfulway so as to enable equity investors, management and leaders make better investmentand credit decisions.

The rationale of ratio analysis lies in the fact it makes related informationcomparable. A single figure by itself has no meaning but when expressed in terms of arelated figure, it yields significant inferences. Ratio analysis, thus as a quantitative tool,enables analysts to draw quantitative answers to questions such as: Are the net profitsadequate? Are the assets being used efficiently? Is the firm solvent? Can the firm meetits current obligations and so on?

Advantages:

The use of ratios, as a tool of financial analysis, involve their comparison,for a single ratio, like absolute figures, fails to reveal the true position


16/38


17/38

Debt equity ratio= Outsiders funds

Shareholders funds

LONG TERM DEBT-EQUITY RATIO:

Long-term debt divided by shareholders' equity, showing relationship between

long-term funds provided by creditors with respect to the Shareholders funds.

A high Debt Equity ratio indicates high risk while a lower ratio may indicates

lower risk. Short-term debt is not included as long as cash is greater then short-

term debt.

Long term debt equity ratio= Shareholders funds Total tangible assets

FIXED ASSETS TURNOVER RATIO:

Measure of the productivity of a firm, it indicates the amount of sales generated

by each dollar spent on fixed assets , and the amount of fixed assets required to

generate a specific level of revenue .

Fixed assets turnover ratio= sales

Fixed assets

INVENTORY TURNOVER RATIO:

Inventory turnover is one of the many metrics used to gauge the financial health

of companies large and small, and business owners may periodically assess their

inventory turnover to see how they are doing.

Inventory turnover ratio= Net sales

Average stock
http://www.businessdictionary.com/definition/measure.htmlhttp://www.businessdictionary.com/definition/measure.htmlhttp://www.businessdictionary.com/definition/productivity.htmlhttp://www.businessdictionary.com/definition/productivity.htmlhttp://www.businessdictionary.com/definition/productivity.htmlhttp://www.investorwords.com/1967/firm.htmlhttp://www.investorwords.com/1967/firm.htmlhttp://www.investorwords.com/1967/firm.htmlhttp://www.investorwords.com/205/amount.htmlhttp://www.investorwords.com/205/amount.htmlhttp://www.investorwords.com/205/amount.htmlhttp://www.businessdictionary.com/definition/sales.htmlhttp://www.businessdictionary.com/definition/sales.htmlhttp://www.businessdictionary.com/definition/sales.htmlhttp://www.investorwords.com/7129/dollar.htmlhttp://www.investorwords.com/7129/dollar.htmlhttp://www.investorwords.com/7129/dollar.htmlhttp://www.businessdictionary.com/definition/fixed-asset.htmlhttp://www.businessdictionary.com/definition/fixed-asset.htmlhttp://www.businessdictionary.com/definition/fixed-asset.htmlhttp://www.businessdictionary.com/definition/required.htmlhttp://www.businessdictionary.com/definition/required.htmlhttp://www.businessdictionary.com/definition/required.htmlhttp://www.businessdictionary.com/definition/revenue.htmlhttp://www.businessdictionary.com/definition/revenue.htmlhttp://www.businessdictionary.com/definition/revenue.htmlhttp://www.businessdictionary.com/definition/revenue.htmlhttp://www.businessdictionary.com/definition/required.htmlhttp://www.businessdictionary.com/definition/fixed-asset.htmlhttp://www.investorwords.com/7129/dollar.htmlhttp://www.businessdictionary.com/definition/sales.htmlhttp://www.investorwords.com/205/amount.htmlhttp://www.investorwords.com/1967/firm.htmlhttp://www.businessdictionary.com/definition/productivity.htmlhttp://www.businessdictionary.com/definition/measure.html


18/38

DEBTORS TURNOVER RATIO:

By maintaining accounts receivable, firms are indirectly extending interest-free

loans to their clients. A high ratio implies either that a company operates on a cash basis or that its

extension of credit and collection of accounts receivable is efficient.

Debtors turnover ratio= Debtors+ bills receivable

Credit sales

INTEREST COVERAGE RATIO:

The interest coverage ratio is a measure of a company's ability to meet its

interest payments.

A higher ratio indicates a better financial health as it means that the company is

more capable to meeting its interest obligations from operating earnings.

Interest coverage ratio= EBIT

Interest

PROFIT BEFORE INTERST DEPRECIATION TAX MARGIN:

Earnings before interest, tax and amortisation (EBITA) is similar to EBIT but strips

out amortisation .

Amortisation is always a non-cash item and therefore of limited interest to

investors.

PBITDTM = operating profit

Net sales

PROFIT BEFORE INTEREST TAX MARGIN:
http://moneyterms.co.uk/ebit/http://moneyterms.co.uk/ebit/http://moneyterms.co.uk/ebit/http://moneyterms.co.uk/amortisation/http://moneyterms.co.uk/amortisation/http://moneyterms.co.uk/amortisation/http://moneyterms.co.uk/amortisation/http://moneyterms.co.uk/ebit/


19/38


20/38

RETURN ON NET WORTH RATIO:

It measures a firm's efficiency at generating profits from every unit of

shareholders' equity (also known as net assets or assets minus liabilities). ROE

shows how well a company uses investment funds to generate earnings growth.

ROE= net profit

Net worth

COST PER MARKET SHARE RATIO:

The earnings yield is an estimate of expected return to be earned from holding

the stock if we accept certain restrictive assumptions

Analysis and Interpretation:

Table 1.1:CURRENT RATIO:

2005 2006 2007 2008 2009

HPCL 0.91 0.94 0.88 0.94 0.98

GAIL 1.09 1.2 1.26 1.37 1.34

IOCL 0.9 0.88 0.85 0.84 0.76

ONGC 1.45 1.44 1.41 1.55 1.78

REL 0.01

0.01

0.44

12.57

27.23

INFERENCE:


21/38

From the above table, it is clear that the current ratio of reliance power is thebest in the year 2009 with the highest ratio when compared with the other companies.Reliance power has the best liquidity among these five companies as it has the best ratioof 27.23 in the year 2009.

BAR CHART:

Table 1.2:DEBT-EQUITY RATIO:

2005

2006

2007

2008

2009

HPCL 0.24 0.52 0.94 1.35 1.86

GAIL 0.26 0.21 0.15 0.11 0.09

IOCL 0.6 0.79 0.83 0.82 0.95

ONGC 0.24 0.22 0.24 0.21 0.19

REL 0.29 0 0 0 0

INFERENCE:

The debt equity ratio should be minimum for a company to maintain its stability. Fromthe table above it is clear that the reliance power company maintains the minimum debtequity ratio as it has 0 for the past four consecutive years and HPCL has 1.86 du ringthe last financial year.

BAR CHART:


22/38

Table 1.3:LONG TERM DEBT-EQUITY RATIO:

2005 2006 2007 2008 2009

HPCL 0.04 0.27 0.69 1 1.45

GAIL 0.26 0.21 0.15 0.11 0.09

IOCL 0.29 0.38 0.43 0.36 0.39

ONGC 0.22 0.22 0.24 0.21 0.19

REL 0.29 0 0 0 0

INFERENCE:

From the above table it is clear that the reliance company maintains a good long termdebt equity ratio because it is having a stability of maintaining zero for the past fourconsecutive years. Whereas the HPCL company has to concentrate on this ratio as it ishaving the highest ratio of 1 and 1.45 in the last two years.

BAR CHART:

Table 1.4 FIXED ASSETS TURNOVERRATIO:

2005 2006 2007 2008 2009


23/38

HPCL 5.52 5.99 6.71 6.42 6.66

GAIL 1.01 1.04 1.13 1.17 1.41

IOCL 4.03 4.61 4.84 4.84 5.53

ONGC 0.52 0.49 0.52 0.51 0.49

REL 0 0 0.03 0 0

INFERENCE:

It measures the productivity of a firm, it represents each value earned by the

company based on the fixed asset. Based on the above table it is clear that the HPCL hasa better fixed asset turnover ratio of 6.66 in the year 2009 when compared to the othercompanies taken under the study. IOCL has 4.84 in the years 2007 and 2008.

BARCHART :

Table 1.5 INVENTORY TURNOVER RATIO:

2005 2006 2007 2008 2009


24/38

HPCL 11.85 11.49 12.28 11.23 12.74

GAIL 29.5 30.84 31.96 33.11 41.48

IOCL 8.92 8.81 9.73 9.72 11.76

ONGC 19.47 17.77 17.7 16.55 15.42

REL 0 0 0 0 0

INFERENCE:

A companys inventory turnover ratio should be high as it refers to the turnoverwhich shows its effective working. From the above table we can conclude that GAIL hasthe highest inventory turnover ratio of 41.48 followed by ONGC with 15.42 in the year2009.

BAR CHART:

Table 1.6 DEBTORS TURNOVER RATIO:

2005 2006 2007 2008 2009

HPCL 64.11 63.49 65.75 68.73 67.08

GAIL 18.28 18.87 21.43 19.93 18.85

IOCL 31.79 31.13 35.47 39.87 51.69

ONGC 15.45 12.98 17.61 16.89 15.15

REL 0 0 2 0 0


25/38

INFERENCE:

For the efficient working of a company the debtors turnover ratio should be low.According to this, the REL POWER is working efficiently with almost maintaining a nil

ratio. The next best is ONGC with ratio 15.15 in the last financial year.

BAR CHART:

Table 1.7 INTEREST COVERAGE RATIO:

2005 2006 2007 2008 2009

HPCL 21.1 2.62 5.65 2.71 1.34

GAIL 22.41 28.93 27.71 49.45 49.31

IOCL 10.86 7.37 6.66 7.34 2.29

ONGC 478.63 733.44 1101.85 428.96 202.64

REL 0 0 1.66 15.23 111.49

INFERENCE:

From the above table ONGC is better as it has the ability to meet the interestcoverage when compared with the other companies with 1101.85 in the year 1007. IOCL

has the lowest interest coverage ratio of 2.29 in 2009which has to improve for theeffective management.

BAR CHART:


26/38

Table 1.8 Profit Before Interest, Depreciation and Tax Margin:

2005 2006 2007 2008 2009

HPCL 3.62 1.49 3.17 2.59 2.85

GAIL 28.02 26.58 21.41 24.25 19.96

IOCL 5.62 5.17 5.38 5.32 3.67

ONGC 43.35 49.93 44.45 44.38 39.93

REL 0 0 60.44 0 0

INFERENCE:

From the above chart it is clear that ONGC has the best profit ratio of 49.93 in

2006 and it also maintains stability over the years. This is the most required factor whichis essential for the better development of that company and also makes it clear that it isusing its resources the most effective way. REL has the highest ratio of 60.44 in 2007.

BAR CHART:

Table 1.9 Profit Before Interest and Tax Margin:

2005 2006 2007 2008 2009


27/38

HPCL 2.62 0.59 2.45 1.84 2.11

GAIL 21.31 22.82 17.93 21.18 17.66

IOCL 4.27 4.02 4.29 4.32 2.8

ONGC 42.18 45.32 41.62 42.06 37.67

REL 0 0 60.44 0 0

INFERENCE:

The maximum profit results with the best company in the consecutive years. RELPOWER has the maximum profit ratio 60.44 during the year 2007, but it has very low

profits during the other years. If we see the average of the companies in the past fiveyears ONGC has a better profit of 41.77 over the five consecutive years.

BAR CHART:

Table 1.10 Profit Before Depreciation and Tax Margin:

2005 2006 2007 2008 2009

HPCL 3.5 1.26 2.74 1.92 1.28

GAIL 27.07 25.79 20.76 23.82 19.61

IOCL 5.23

4.62

4.73

4.73

2.45

ONGC 43.26 49.86 44.42 44.28 39.74

REL 0 0 24 0 0


28/38

INFERENCE:

This is the profit before depreciation and tax margin. The best company underthis ratio is ONGC taking the average of 44.31 for the past years whereas reliance hasthis ratio only for the year 2007 with 24%.

BAR CHART:

Table 1.11 Cost Per Market Share:

2005 2006 2007 2008 2009

HPCL 2.95 1.41 2.33 1.88 1.17

GAIL 20.56 19.29 17.9 17.07 13.85

IOCL 4.53 3.69 3.69 3.58 1.95

ONGC 28.96 34.52 30.31 30.1 27.47

REL 0 0 7.11 0 0

INFERENCE:

The company having the highest value in the market is the best. This ratio relatesthe cost per market share. ONGC has a ratio of 30.272 abetter cost for the past fiveyears when compared to the other four companies.


29/38

BARCHART:

Table 1.12 Adjusted Profit After Tax Margin:

2005 2006 2007 2008 2009

HPCL 1.94 0.52 1.61 1.13 0.43

GAIL 13.85

15.53

14.42

14

11.54

IOCL 3.18 2.55 2.6 2.58 1.08

ONGC 27.79 29.91 27.49 27.77 25.21

REL 0 0 7.11 0 0

INFERENCE:

The profit after tax is also high in ONGC is 29.91 in the year 2006. As an averageof five years ONGC maintains a good stability over the years with an average of 27.634.This shows the effective working of that company. REL has to improve a lot in this ratioas it is very poor in this study period .

BARCHART:

Table 1.13 Return On Capital Employed:


30/38

2005 2006 2007 2008 2009

HPCL 17.16 3.54 13.46 8.76 9.19

GAIL 29.75 30.15 24.1 29.14 28.37

IOCL 16.73 15.69 17.42 16.88 11.15

ONGC 36.61 35.68 33.17 31.82 27.3

REL 0 0 1.36 1.27 1.44

INFERENCE:

The returns should be high on the capital employed, then only the company issaid to be in a good place in the market and also that it is using its resources in a moreefficient way. In this also ONGC is topping with the 36.61 in the year 2005 and rank highamong the five companies with an average of 32.916 .

BAR CHART:

Table 1.14 ReturnOn Net Worth RATIO:

2005 2006 2007 2008 2009


31/38


32/38

HPCL 8.6 27.96 5.68 7.75 16.75

GAIL 9.63 12.28 9.89 14.62 11.68

IOCL 11.01 14.48 6.54 7.72 16.53

ONGC 10.31 13.8 12.84 13.51 11.14

REL 0 0 0 756.07 98.56

INFERENCE:

The P.E ratio of REL POWER in the year 2008 is very high with the ratio of 756.07.

Even though the other companies maintain a certain level of stability, ONGC maintains ahigh level of stability at the rate of 12.32, when compared with other companies in ourstudy period .

BAR CHART:

Table 1.16 GROSS PROFIT RATIO:

2005 2006 2007 2008 2009

HPCL 3.5 1.259 2.736 1.734 1.278

GAIL 20.025 24.572 21.42 26.531 28.069

IOCL 5.766 5.115 6.041 5.184 2.352

ONGC 39.953 44.498 44.632 50.144 43.577

REL 0 0 0 76.34 76.68


33/38

INFERENCE:

The profit before the administration and selling expenses and income contributethe gross profit ratio. From the details given above it is shown that the gross profit ratiois high for the ONGC company compared to the other companies taken under our studyduring the period. If we take for the last two years REL power maintains a good grossprofit ratio of 76.68 in 2009.

BARCHART:

Table 1.17 OPERATING PROFIT RATIO:

2005 2006 2007 2008 2009

HPCL 3.776 1.535 3.295 2.479 2.922

GAIL 20.391 25.014 22.088 27.342 29.055

IOCL 6.12 5.719 6.75 5.828 3.115

ONGC 40.14 44.596 44.669 50.204 43.667

REL 0 0 0 80.65 77.21

INFERENCE:

Operating profit are the profits got after all the expenses and incomes includingadministration and selling. From the above chart it is made clear that the operatingprofits are high for the ONGC company and it also maintains a stable level which showsthe efficient performance during the past five years.If we take for the last two years RELpower maintains a good gross profit ratio of 80.65 in the year 2008.


34/38

BAR CHART:

Findings:From the above analysis the following are the findings:

Reliance power maintains a high liquidity ratio with 27.23 in 2009. So itscurrent ratios are higher when compared to other four companies.

Reliance maintains the lowest debts of Debt-Equity ratio as Zero, in bothlong term and short term which is the best for its effective working.

Turn over from the fixed asset is more in the company HPCL with ratio of 6.71 in 2007 and 6.66 in 2009.

The return from the inventory is high in GAIL with ratio of 41.48 in 2009.

Debtors turnover ratio is good in ONGC having ratio of 12.98 I N 2006.

Interest on capital employed is high in ONGC with 1101.85 in 2007.

Profitability is more in Reliance when compared to other companiesbefore and after interest and tax when only last 2 years are considered.

Cost per market share is high in ONGC whe re its average is 30.272 in thepast 5 consecutive years.

Adjusted profit after tax margin is the maximum in ONGC having the ratioof 29.91 in the year 2006.

Reliance having the maximum gross profit of 76.68 and when an average

for the last 5 years is taken into consideration ONGC stands best with44.5608.

Return on capital employed is more in ONGC with ratio of 36.61.

Return on Net worth is more in ONGC having ratio of 29.71.

The P.E ratio is high in REL POWER with 756.07 in 2008.


35/38

Suggestions:

The result of ratio analysis in the performance of five companies is reported.Based on that the following are the suggestions

IOCL should increase its liquidity because it is maintaining the lowest currentratio of 0.76.

HPCL should minimize its debt since it has maximum ratio in both the short termand long term Debt-Equity Ratio.

Return from the inventory should be increased in the companies REL POWERfollowed by IOCL.

IOCL has the lowest interest coverage ratio and thus tried to increase the intereston capital employed.

Profitability is low in HPCL when compared to other companies so it should aimat maximising its profits.

Cost per market price share is low in HPCL with the lowest ratio of 1.17 whichshould be increased.

Return on capital employed is low in reliance having the value of 1.27 whencompared to other four companies. Thus return on capital employed should beincreased in reliance.

Price Earnings should be increases in HPCL as it has the lowest price earning valuein the market when compared to the other 4 companies.

ThusReliance, HPCL and IOCL should improve its financial position whencompared to ONGC.

These are the suggestions we have observed from the above analysis and research.


36/38

Conclusion:

The ratios so far measure a firms liquidity, solvency, efficiency of operations andprofitability independent of one another. However, there exists interrelationship amongthese ratios. This aspect is brought out by integrated analysis of ratios. Thedisaggregation of ratios can reveal certain major economic and financial aspects, whichotherwise would have been ignored. For instance, significant changes in profitabilitymeasured in terms of return on assets (ROA) and return on equity (ROE) are understoodbetter through an analysis of its components.

The various profitability ratios discussed earlier throw light on the profitability of a firm from the viewpoint of (i) the owners of the firm, and (ii) the operating efficiencyof the firm. The ratios covered under the rate of return to the equity-holders fall underthe first category.

The operating efficiency of a firm in terms of the efficient utilization of theresources is reflected in net profit margin. It has been observed that although a highprofit margin is a test of better performance, a low margin does not necessarily imply alower rate of return on investments if a firm has higher investments/assets turnover.

Therefore, the overall operating efficiency of a firm can be accessed on the basisof a combination of the two. The combined profitability is referred to as earningpower/return on assets (ROA) ratio. The earning power of a firm may be defined as theoverall profitability of the enterprise. This ratio has two elements: (i) profitability onsales as reflected in the net profit margin, and (ii) profitability of assets which revealedby the assets/investment turnover.


37/38

The ROA ratio is a central measure of the overall profitability and operationalefficiency of a firm. It shows the interaction of profitability and activity ratios. It impliesthat the performance of a firm can be improved either by generating more sales volumeper rupee of investment or by increasing the profit margin per rupee of sales.

Reference http://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-

09.html

"Reliance Power Limited: Private Company Information ". Business Week . http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856 . Retrieved 2008-01-16.

M.C. GovardhanaRangan, ArchanaChaudhary (2008 -01-15 ). "ReliancePower Record IPO Gets $27.5 Billion of Bids ". Bloomberg . http://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=india . Retrieved 2008-01-15.

ENS Economic Bureau (2008 -01-12 ). "Reliance Power can go ahead withIPO: Supreme Court ". Indian Express . http://www.indianexpress.com/story/260624.html . Retrieved 2008-01-15.

Hard lessons from the primary market fiasco financial scene - The Hindu

Reliance Power offers 3:5 bonus, share cost now Rs. 269 - DNA India

ONGC :: Investor Center :: Profile

Alexander's Gas & Oil Connections - India to build up storage of crude oil

The Hindu Business Line : Strategic oil reserves to come directly underGovt

'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News ByIndustry-News-The Economic Times

www.hindustanpetroleum.com
http://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.htmlhttp://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.htmlhttp://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.htmlhttp://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.htmlhttp://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.htmlhttp://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://www.businessweek.com/http://www.businessweek.com/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://en.wikipedia.org/wiki/2008http://en.wikipedia.org/wiki/2008http://en.wikipedia.org/wiki/January_15http://en.wikipedia.org/wiki/January_15http://en.wikipedia.org/wiki/January_15http://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/http://www.bloomberg.com/http://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://en.wikipedia.org/wiki/2008http://en.wikipedia.org/wiki/2008http://en.wikipedia.org/wiki/January_12http://en.wikipedia.org/wiki/January_12http://en.wikipedia.org/wiki/January_12http://www.indianexpress.com/story/260624.htmlhttp://www.indianexpress.com/story/260624.htmlhttp://www.indianexpress.com/story/260624.htmlhttp://www.indianexpress.com/http://www.indianexpress.com/http://www.indianexpress.com/story/260624.htmlhttp://www.indianexpress.com/story/260624.htmlhttp://www.thehindu.com/2008/02/18/stories/2008021851231500.htmhttp://www.thehindu.com/2008/02/18/stories/2008021851231500.htmhttp://www.dnaindia.com/report.asp?newsid=1152793http://www.dnaindia.com/report.asp?newsid=1152793http://www.ongcindia.com/profile.asphttp://www.ongcindia.com/profile.asphttp://www.gasandoil.com/goc/news/nts43834.htmhttp://www.gasandoil.com/goc/news/nts43834.htmhttp://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htmhttp://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htmhttp://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htmhttp://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htmhttp://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htmhttp://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cmshttp://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cmshttp://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cmshttp://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cmshttp://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cmshttp://www.hindustanpetroleum.com/http://www.hindustanpetroleum.com/http://www.hindustanpetroleum.com/http://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cmshttp://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cmshttp://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htmhttp://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htmhttp://www.gasandoil.com/goc/news/nts43834.htmhttp://www.ongcindia.com/profile.asphttp://www.dnaindia.com/report.asp?newsid=1152793http://www.thehindu.com/2008/02/18/stories/2008021851231500.htmhttp://www.indianexpress.com/story/260624.htmlhttp://www.indianexpress.com/http://www.indianexpress.com/story/260624.htmlhttp://www.indianexpress.com/story/260624.htmlhttp://en.wikipedia.org/wiki/January_12http://en.wikipedia.org/wiki/2008http://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/http://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://www.bloomberg.com/apps/news?pid=20601091&sid=aKNhjpoMWGj8&refer=indiahttp://en.wikipedia.org/wiki/January_15http://en.wikipedia.org/wiki/2008http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://www.businessweek.com/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=36011856http://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.htmlhttp://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.html


38/38

http://www.cygnusindia.com

http://www.epnet.com

http://www.google.com

http://www.hindu.com

http://moneycontrol.com

http://financialexpress.com

http://wikipedia answers.com

http://bussinessindia.com
http://www.cygnusindia.com/http://www.cygnusindia.com/http://www.epnet.com/http://www.epnet.com/http://www.google.com/http://www.google.com/http://www.hindu.com/http://www.hindu.com/http://moneycontrol.com/http://moneycontrol.com/http://financialexpress.com/http://financialexpress.com/http://bussinessindia.com/http://bussinessindia.com/http://bussinessindia.com/http://financialexpress.com/http://moneycontrol.com/http://www.hindu.com/http://www.google.com/http://www.epnet.com/http://www.cygnusindia.com/

energy industr mini project

Documents