PRESENTATION ON PAYMENT THROUGH E-MODE AT INDIAN OIL CORPORATION LTD

UNDER THE GUIDANCE OF: PROF. DR A.R. PHOPALEY

Presented by MAHENDRA DHENAK ROLL NO - 17

Mr. Sarthak Behuria ,Chairman Indian Oil Corporation Limited

On 30th June 2009 Indian Oil Corporation Limited completed 50 years

COMPANY PROFILE
• Indian Oil Corporation is an Indian public-sector petroleum company. • It ranking 116th on the Fortune Global 500 listing (2008). • It began operation in 1959 as Indian Oil Company Ltd. • It operates the largest and the widest network of fuel stations in the country. • Indian Oil's product range covers petrol-Xtra Premium petrol ,diesel- Xtra Mile diesel LPG, auto LPG, aviation turbine fuel, lubricants-Servo lubricants , & kerosene .

OWNERSHIP COMPOSITION

FINANCIAL PERFORMANCE & ACHIEVEMENT
2006-07 Turnover (Rs/crore) Profit After Tax(Rs/crore) Earnings Per share(Rs) Debt Equity Ratio 220779 7499 62.9 .78:1 2007-08 247479 6963 58.39 .86:1

CASH MANAGEMENT PRODUCT Cash management product is a facility provided by SBI to its corporate clients in which collections and withdrawals from various branches are transferred via electronic mode to their respective pooling centers. The CMP facility can be divided into two Main Modules The Credit Module of CMP The Debit module of CMP:

Electronic Mode of Funds Transfer

• National Electronic Funds Transfer (NEFT) • Real Time Gross Settlement (RTGS) • ICICI Bank Instruction Card • Internet

Percentage collections through various modes in March 2009

Percentage payments through various modes in March 2009

WORKING OF TRANSACTION UNDER SAP R/3 FINANCE MODULE 1 - Creating the cash receipt of the payment deposited by the customer – F-28 2 - Printing the cash receipt -YF42 3 - Generating the DCR - YF07 4 - Creating Liabilities for withdrawal account – FB60 5 - To make payments to the vendor – F-53

CENTRAL SALES TAX
Sales Tax is one of the most important Indirect Tax for purpose of taxation by State Governments . CST issue following form such as ‘F’ FORM ‘H’ FORM ‘C’ FORM

PROCEDURE FOR ISSUANCE OF C FORM UNDER CENTRAL SALES TAX.

• PREPARE STATEMENT • INDENT OF STATEMENT • SUBMIT ONLINE • ISSUE OF C FORM

CONCLUSION
IOCL, there are a large number of such transactions happening every day in different parts of the country through different banks. Monitoring and managing all these cash inflows and outflows is a difficult task involving transactions taking place at various levels within the organization as well as with various banks across the country. IOCL has developed an efficient and effective cash management system based on a standard set of policies and functions This system tries to ensure that the accounting and management of funds facilitates smooth flow of funds and their optimal use.

RECOMMENDATION
• A particular SAP compatible format should be adopted for compilation of data at all offices ,so as to remove the need of formatting and reformatting thus saving time. • Separate T-codes should be developed in SAP for such reports so as to reduce manual work as well as better utilization of SAP facility available.

REFERENCES
- www.iocl.com

- http://www.sap.com/malaysia/solutions/safeguarding/pdf/IndianOilCorp.pdf - Handbook on Banking Functions, HO finance, Marketing Division - SAP-Do it yourself manual, IOCL - Policy manual, circulars and reports of IOCL .

Thank you