I visited the site thoroughly and got to learn something about Adobe InCopy scripting with Java Script.
I am able to do some simple stuff like - storing icml documents as xml based on the style names.
My further requirements are -
1. Write an event listener which would be triggered when document is saved and automatically it saves it as xml.
2. Write a js - which would load files from a directory one by one and run the above script on each of them one by one. (Like open 1 file, save it & close it)