OBJECTIVES

PRIMARY OBJECTIVES

To evaluate the performance of the company by using ratios as a yardstick to measure the efficiency of the company. To understand the liquidity, profitability and efficiency positions of the company during the study period. To evaluate and analyze various facts of the financial performance of the company. To make comparisons between the ratios during different periods.

SECONDARYOBJECTIVES To study the present financial system at EMPEE DISTILLERIES LTD. To determine the Profitability, Liquidity Ratios. To analyze the capital structure of the company with the help of Leverage ratio. To offer appropriate suggestions for the better performance of the organization

SCOPE OF THE STUDY

In the study the EMPEE DISTILLERIES is being selected to conduct a comprehensive analysis of financial performance with the help of financial statement analysis such as Ratio Analysis in terms of liquidity ratio, profitability ratio AND leverage ratio.

The study of the EMPEE DISTILLERIES has been undertaken with certain objectives by highlighting the unique features, functions, working as well as statutory regulations governing the company.

NEED FOR THE STUDY

The study has great significance and provides benefits to various parties whom directly or indirectly interact with the company. It is beneficial to management of the company by providing crystal clear picture regarding important aspects like liquidity, leverage, activity and profitability. The study is also beneficial to employees and offers motivation by showing how actively they are contributing for companys growth. The investors who are interested in investing in the companys shares will also get benefited by going through the study and can easily take a decision whether to invest or not to invest in the companys shares.

PURPOSE OF THE REPORT

To identify the magnitude & direction of changes in enterprises financial & performance.

To ascertain the strength & weakness of the enterprise on terms of liquidity, profitability & solvency.

LIMITATIONS OF RATIO ANALYSIS Differences in definitions Limitations of accounting records Lack of proper standards No allowances for price level changes Changes in accounting procedures Quantitative factors are ignored Limited use of single ratio Background is over looked Limited use

 Personal bias

COMPANY PROFILE
EMPEE DISTILLERIES LTD VISION In a world of infinite possibilities, we welcome every opportunity that push the boundaries of our own capabilities. Every obstacle sparks off a whole new way of thinking, enabling us to see things not as they are but as they should be. Every boundary is better milestone in our relentless pursuit of growth and excellence. Every challenge that we face is perceived as an instance to consider different streams of thought and to explore possibilities that have hereby been sidestepped by others. Our mantra to success to keep going beyond all boundaries constantly guides us on our quest for development and excellence. The pursuit for growth continues empathizing with global needs and natures resources. HISTORY The empee group, a well-established South Indian corporation with revenues of over Rs.1000 crores was founded by Mr.M.P.Purushothaman who is currently the chairman of the group started with a chain of restaurants in Chennai, Tamilnadu before diversifying into hotels, manufacture of alcoholic beverages and sugar production. Today the groups core business include alcoholic beverages, sugar and chemicals, hospitality, property development and power generation. The saga of Empee Group has been one of perseverance and hard work in pursuit of quality and excellence. Founded over 40 years ago, the Empee Group has grown in stature, diversifying its operational areas and size.
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Since its inception in early 70s the Group has risen to be one of the leading conglomerates in the Southern part of the country. The credit goes in entirety to the undying spirit and farsighted vision of its founder-chairman, Mr.M.P.Purushothaman. Today, the Empee Group encompasses all business related to Hotels, Liquor, Sugar, Power, Packaging, Transport, Construction and Exports. The history of Empee began way back in early 1970s when a small restaurants was started and by mid seventies acquired the erstwhile Hotel Madras International now known as Hotel Grand Orient and Hotel New Victoria thus establishing in the Hotel business. Empee Group diversified into the business of manufacturing liquor in Chennai by establishing its first distillery in Mevaloorkuppam in 1984. It further progressed to Alcobev business with the acquisition of a brewery license in 1987. Perceiving the rapid growth of alcohol market in Karnataka, Empee had acquired a distillery unit in 2003 from the Alembic group in Whitefield, Bangalore. As a step further in diversifying its business activities by backward integrating, a sugar factory was established in 1991in Nayudupet, Nellore District of Andhra Pradesh. In 1994, the Industrial Alcohol Plant was added to the sugar factory making it a complete sugar complex. In 1996, emboldened by the success in distilling & marketing liquor in Chennai, Empee Group established another unit in Palakkad, Kerala to meet the local demand. Since Empee was diversifying into different sectors of business, the need to have a centralized control to coordinate various operations was necessary. As a result a corporate office was established in 2000 at Empee Towers in Egmore, Chennai. Over the years to support the growth, Empee group had entered into packaging business, cargo transport, and travels- this as a support for its growing hospitality & Alcohol business. The group has lately added another feather to its glorious past by entering into the producing non-conventional power generation; promoting and tapping non-

conventional energy by introducing wind propelled electric generators in Coimbatore, Tamilnadu. Following the glorious success, Empee Group has been licensed to setup a co-generation power plant adjacent to the sugar mill complex. As a mark of the Empee Groups commitment to non-conventional energy generation the plant is suitably devised to use biomass in addition to bagasses as fuel for electric power generation. Power generated by these units will be fed into the state grid or made available to the private sector.

EMPEE GROUP COMPANIES *Empee Distilleries Limited *Empee Sugars & Chemicals Limited *Empee Power Company(India) Limited *Empee International Hotels and Resorts Limited *South (India) Hotels Pvt. Limited *Empee Hotels Limited *Empee Holdings Limited *Empee Power and Infrastructure Pvt. Limited *Empee Institute of Hotel Managements

EMPEE DISTILLERIES LTDRITED growth Empee Distilleries Ltd. started over two decades ago in a small way in Chennai, for manufacturing Indian Made Foreign Liquor, has now expanded substantially with stateof-art manufacturing facilities not only in Tamil Nadu but also in Kerala, Karnataka and
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Andhra Pradesh. The distinction of having manufacturing facilities in all the southern states is unique, which few National players can boast of. In the Premium segment, Empee Distilleries Ltd. holds a major share, which is the envy of even All-India-brands. Similarly, in Kerala, the distillery unit at Palakkad is poised to reach the market leader position with its well-established brands. Empee Distilleries Ltd. 's Chennai unit is able to hold its sway in the Premium segment in-tact for the past 20 years by virtue of high quality of its premium products like Empees Napoleon Brandy and Premium Whisky. The introduction of Old Secret Rum has made a huge impact in the liquor industry with an innovative launch, marketing strategies and the quality of the product. Similarly, POWER brand of Rum, Brandy and Whisky and the recent introduction of Old Secret Brandy has created considerable expectations among the consumers and Empee distilleries ltd is hopeful of encashing the market potential. In Kerala, its VICTORIA Rum, Sixer Rum & All Gold VSOP Brandy have been a runaway success right from introduction and is the envy of the competition. Empee Distilleries Ltd's continued exploration for new markets has seen tie-ups with many local Distillers across the country especially in Orissa, and Union Territories of Delhi and Pondicherry. It also owns some of the best brands of beer. The company is also coming out with Diet beer shortly, and is planning a joint venture to launch foreign brands in India. Today, identifying the need to match international standards in IMFL manufacturing, the Group has drawn plans to set up four grain distillation units in four major south Indian states with a planned capacity of 360 KL per day. The Group has substantial presence in all the three States of South India, supported by manufacturing facilities owned by the following Group Companies:

Empee Distilleries Ltd., Chennai Tamil Nadu (An ISO 9001:2000 certified company) Appollo Alchobev Ltd., Bangalore Karnataka (An ISO 9001: 2000 certified company) Empee Distilleries Ltd., Palakkad Kerala (An ISO 9001: 2000 certified company)

MAJOR BRANDS Brihans Napoleon Brandy Brihans Premium Whisky Old Secret Rum Marcopolo Gin Mclean Brandy Binnes Fine Brandy Marcopolo Whisky Power Whisky Power Brandy Old Secret Brandy Elcanso XXX Dark Rum Elcanso Napoleon Brandy Commando XXX Rum Club Marcopolo Dry Gin The above are some of the brands which are manufactured by EMPEE DISTILLERIES LTD.

INDUSTRY PROFILE
India is one of the largest producers of alcohol in the world and there has been a steady increase in its production over the last 15 years, according to fresh statistics. India is a dominant producer of alcohol in the South-East Asian region with 65 per cent of the total share and contributes to around seven per cent of the total alcohol beverage imports into the region. More than two-thirds of the total beverage alcohol consumption within the region is in India, according to figures in the newly-compiled 'Alcohol Atlas of India'. The prevalence of alcohol use is still low in India as per some studies done across the country. The consumption is two liters per person per year. However, though the overall consumption is low, patterns of alcohol consumption vary throughout the country. Punjab, Andhra Pradesh, Goa and Northeastern states have much higher proportion of alcohol consumption in the country. There has been a steady increase in the production of alcohol in the country, with the production doubling from 887.2 million liters in 1992-93 to 1,654 million liters in 19992000 and was expected to treble to 2300 million liters by 2007-08. Indian Liquor Industry with estimated market value of INR 340 billion is growing at 1215% over the last two years. The industry is estimated to have sold 115 million cases of IMFL last year. The sector is expected to maintain its CAGR of ~15% while the premium segment Wine and Vodka is expected to grow at a higher rate. There are 325 distilleries in India, with an installed capacity of about 3.58 billion liters of liquor. However, production rate is about 40% of total licensed capacity as total requirement of liquor stands at 1.3 billion liters.

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MAJOR INTERNATIONAL PLAYERS Diageo Brown-Forman Bacardi-Martini Campari LVMH (Moet Hennessy)

MAJOR NATIONAL PLAYERS United spirits Radico Khaitan Globus spirits Premier distilleries Pioneer distilleries United spirits with about 60 % of market share in IMFL is the undisputed leader. Radico Khaitan who entered the IMFL space some 8 years back has already cornered 12 % market share and gaining. Other players include Mohan Meakin (9%), Jagatjit(8.5%). Inherent Potential, Deregulation, western cultural influence and high entry barriers has helped the industry in notching up higher sales growth. Alcohol sale is driven by the high GDP growth and more people entering the drinking club with newly obtained prosperity or from up trading from the existing brand. Since liberalization, the economy has been

11

growing at steady pace with per capita income rising from INR 23,222 in 2005 to INR 6,012 limiting the sale of in country liquor by states 1991. due to hygiene factor. Shift from country liquor to IMFL is expected with rising per capita income and Industry has one of the lowest per capita consumption of both Liquor and Beer and also since the margins are amongst the lowest. However, India has quietly emerged as the largest international whisky market, toppling the US by volume. Industry data for '05-06 suggests that Indian whiskies, non-matured alcohols mostly made from molasses, and hence not considered whisky by the Scotch Whisky Association (SWA), reported depletions of about 60m cases (9-litre each). In comparison, the US recorded combined sales of Bourbon, American and Scotch whiskies at 48-50m cases, putting it one notch below India. Indian whiskies account for 98% of domestic whisky consumption, reporting 8-10% growth annually, which makes it one among the fastest growing whisky markets anywhere in the world.

The industry's prospects are attractive, given the inherent strengths of the incumbents, the high barriers to entry for new players in terms of procuring licenses and tying up nationwide bottling arrangements and the long gestation period involved in building brands, especially as there is a ban on direct advertising. The fast growth in the domestic alcohol market has caught the attention of a number of domestic and international firms. That has already drawn the likes of top drinks maker Diageo, Pernod Ricard, LVMH's Moet Hennessey and SABMiller, with Anheuser-Busch Companies Inc and Danish brewer Carlsberg also firming up entry plans. Liquor major Seagram has most recently entered the locally produced wine segment, while the nascent industry has also seen an increase in private equity interest this year. In the beer business, leading names such as Anheuser-Busch and InBev, to name just two, could be potential

12

entrants, what with several breweries under construction in the northern States. On the spirits side, Diageo, the largest drinks company in the world, has already inked a joint venture with Radico Khaitan for a new line of products. In time, choice, it seems, will be the buzzword for the Indian consumer.

REVIEW OF LITERATURE:
Ratios are a valuable analytical tool when used as part of a thorough financial analysis. They can show the standing of a particular company, within a particular industry. However, ratios alone can sometimes be misleading. Ratios are just one piece of the financial jigsaw puzzle that makes up a complete analysis. (Leslie Rogers, 1997) Financial ratios are widely used to develop insights into the financial performance of companies by both the evaluators and researchers. The firm involves many interested parties, like the owners, management, personnel, customers, suppliers, competitors, regulatory agencies, and academics, each having their views in applying financial statement analysis in their evaluations. Evaluators use financial ratios, for instance, to forecast the future success of companies, while the researchers' main interest has been to develop models exploiting these ratios. Many distinct areas of research involving financial ratios can be differentiated. (Barnes, 1986) Financial ratios can be divided into several, sometimes overlapping categories. . Trend analysis works best with three to five years of ratios. The second type of ratio analysis, cross-sectional analysis, compares the ratios of two or more companies in similar lines of business. One of the most popular forms of cross-sectional analysis compares a company's ratios to industry averages. These averages are developed by statistical services and trade associations and are updated annually. (Ezzamel, Mar-Molinero and Beecher, 1987)

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Financial ratios can also give mixed signals about a company's financial health, and can vary significantly among companies, industries, and over time. Other factors should also be considered such as a company's products, management, competitors, and vision for the future. (Fieldsend, Longford and McLeay, 1987)

METHODOLOGY

The information is collected through secondary sources during the project. That information was utilized for calculating performance evaluation and based on that, interpretations were made.

Sources of secondary data: 1. Most of the calculations are made on the financial statements of the

company provided statements. 2. Referring standard texts and referred books collected some of the

information regarding theoretical aspects. 3. Method- to assess the performance of he company method of observation

of the work in finance department in followed.

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TECHNIQUES FOR ANALYSIS

COMPARATIVE BALANCE SHEET Both the income statement and balance sheet can be prepared in the form of Comparative Financial Statements. Comparative Balance sheet as on two or more different assets can be used for comparing assets and liabilities and finding out any increase or decrease items. Thus only while in single balance sheet. Such a balance sheet is very useful in studying the trends in an enterprise.

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RATIOS

1. Liquidity ratio a. CURRENT RATIO b. QUICK RATIO c. ABSOLUTE LIQUID RATIO 2. Activity ratio or Turnover ratio a. DEBTORS TURNOVER RATIO b. WORKING CAPITAL TURNOVER RATIO c. TOTAL ASSETS TURNOVER RATIO 3. Profitability ratio a. GROSS PROFIT RATIO. b. NET PROFIT RATIO c. RETURN ON CAPITAL EMPLOYED RATIO d. RETURN ON SHAREHOLDERS FUND RATIO EARNINGS PER SHARE 4. Leverage ratio a. DEBT-EQUITY RATIO b. PROPRIETORY RATIO
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DATA ANALYSIS & INTERPRETATION

The term ANALYSIS means methodical classification of the data given in the financial statement. The term INTERPRETATION means explaining the meaning and significance of the data.

17

RATIO ANALYSIS

The most important task of a financial manager is to interpret the financial information in such a manner, that it can be well understood by the people, who are not well versed in financial information figures. The technique, by which it is to be calculated, is known as Ratio Analysis. 1) Percentage 2) Rate 3) Proportion

Ratio Analysis is an important technique of financial analysis. It depicts the efficiency or shortfall of the organization in the form of trend Analysis. Different ratio appeal to different people managements, having the task of running business efficiency, will interest in all ratios. A Supplier of goods on credit will be partially interested in liquidity ratios, which indicate the ability of the business to pay its bills. Existing and future shareholders will indicate the ability of business to purchase. Existing and future shareholders will interest in investment ratios, which indicate the level of return that can be expected on an investment in business. Major customers, intent on having a continuing source of supply, will be interested in the financial stability, as reveled by the capital structure, liquidity and profitability ratios. Debenture and loan stock holders will be interested in ability of a business will be interested in the ability of a business to pay interest, and ultimately to repay capital. A banker, gibing only short-term loans, will be interested mainly in the liquidity of the business, and its ability to repay those loans.

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STEPS IN RATIO ANALYSIS Collection of information, which are relevant from the financial statements and then to calculate different ratios accordingly. Comparison of computed ratios of the same organization Interpretation, drawing of the inference and report-writing.

RATIO ANALYSIS DEFINITION Ratio analyses are a powerful tool of financial analysis. A ratio is defined as the indicated quotient of two mathematical expressions and as the relationship between two or more things. In financial analysis a ratio is used as a benchmark for evaluating the financial position and performance of a firm. The relationship between two accounting figures, expressed mathematically, is known as a financial ratio.

TYPES OF RATIOS Several ratios; calculated from the accounting data, can be grouped into various classes according to financial activity or function to be evaluated. We may classify the ratios into the following categories.

Liquidity ratios Leverage ratios Profitability ratios

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 Capital Structure Ratio

LIQUIDITY RATIO

It is extremely essential for a firm to be able to meet its obligations as they become due. Liquidity ratios measure the ability of the firm to meet its current obligations. In fact, analyses of liquidity needs the preparation of cash budgets and cash and fund flow statements but liquidity ratios by establishing a relationship between cash and other current assets to current obligations, provide a quick current assets to current obligations, provide a quick measure of liquidity. A firm should ensure that it should not suffer from lack of liquidity, and also that it does not have excess liquidity. The failure of company to meet its current obligation due to lack of sufficient liquidity, will result in poor credit worthless, loss of creditors confidence for even in legal tangles resulting in the closure of the company. A very high degree of liquidity is also bed. the firms fund will be unnecessarily tied up in current assets therefore, it is necessary to strike a proper balance between high liquidity and lack of liquidity.

The most common ratios, which indicate the extent of liquidity, are

Current ratio Quick ratio Absolute liquid ratio

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CURRENT RATIO

Current ratio is the ratio of total current assets to total current liabilities. Current assets of a firm represent those assets which can be in ordinary course of business converted into cash with in short period of time and current liabilities defined as liabilities which are short term manufacturing obligation to meet current assets. To measure the financial liquidity of Amul Current assets = Stock, Advance & debtors, Cash & Bank Balance. Current liabilities = Deposits, Due to societies, O/s against Expenses and Purchases, Sundry Creditors, Provisions.

Current assets Current Ratio = ________________

Current liabilities

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YEAR

CURRENT ASSETS

CURRENT LIABILITY 35.68 32.85 49.22 49.56 47.75

RATIO (C.A/C.L) 0.860 1.156 0.928 1.093 0.908

2006 2007 2008 2009 2010

30.71 37.98 45.71 54.21 43.39

INTERPRETATION As a rule, the current ratio with 2:1 (or) more is considered as satisfactory position of the firm. Current liability has been hugely increased during the time period of 2008 due to the increase in tax imposed by the government on distilleries sector. In the year 2010, the current ratio is declining because of the increase in Current Liability. The EMPEE DISTELLERIES doesnt have enough fund to manage their short term liabilites.

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23

QUICK RATIO
Quick ratio is also called acid test ratio. It is the ratio between quick current assets and current liabilities. It is calculated by dividing the quick assets by current claim. Quick ratio is the measurement of firms ability to convert its current assets quickly into cash in order to meet its current claim. The term quick assets refers to current assets which can be converted into cash immediately or at a short notice without reduction in value of quick ratio. Quick Assets = Stock, due from societies, Advances, trade and Sundry Debtors Cash and Bank Balance

OR

Quick assets Quick Ratio = ______________ Current liabilities

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YEAR

QUICK ASSETS

CURRENT LIABILITY

RATIO (Q.A/C.L) 0.414 0.589 0.522 0.609 0.499

2006 2007 2008 2009 2010

14.79 19.35 25.7 30.22 23.84

35.68 32.85 49.22 49.56 47.75

INTERPRETATION The ideal Quick Ratio is 1:1. In EMPEE DISTILLERIES the Quick Ratio is less than 1 in all years. In the year 2009 the ratio was 0.699 and in 2010 it has declined to 0.499.The current laibilty has increased very high during the period 2006-2010,thus the short term fund requirement cant be managed by EMPEE DISTELLERIES.

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Ratio
Ratio 0.589 0.522 0.414 0.609 0.499

2006

2007

2008

2009

2010

(c) ABSOLUTE LIQUID RATIO Although receivable, debtors and bills receivable are generally more liquid than inventories, yet there may be doubts regarding their realization into cash immediately or in time. Hence, absolute liquid ratio should also be calculated together with current ratio

26

and quick ratio so as to exclude even receivables from the current assets and find out the absolute liquid assets.

Absolute liquid assets Absolute liquid ratio = Current liabilities

Absolute liquid assets include cash in hand etc. The acceptable forms for this ratio is 50% (or) 0.5:1 (or) 1:2 i.e., Rs.1 worth absolute liquid assets are considered to pay Rs.2 worth current liabilities in time as all the creditors are nor accepted to demand cash at the same time and then cash may also be realized from debtors and inventories.

YEAR

ABSOLUTE LIQUID ASSETS

CURRENT LIABILITY

RATIO (Q.A/C.L)

27

2006 2007 2008 2009 2010

3.15 2.08 7.83 7.67 2.29

35.68 32.85 49.22 49.56 47.75

0.088 0.063 0.159 0.154 0.047

Interpretation A standard of 0.5 : 1 absolute liquidity ratio is considered an acceptable norm. By looking at the above ratio the absolute liquidity ratio in all years are weak. It did not meet the standard but it is better in 2008and 2009 because of increase in liquid assets. In the year 2010 there year is decline in the ratio to 0.047 due to decrease in liquid asset .

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TURNOVER RATIOS
The turnover ratio is a process of measuring the number of times that holdings are sold within a specified period of time. Generally, a turnover ratio is calculated to cover either a calendar year or a period encompassing twelve consecutive calendar months. The same formula may be used to evaluate shorter or longer periods of time.

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(a) DEBTORS TURNOVER RATIO

A firm sells goods for cash and credit is used as a marketing tool by a number of companies. When the firm extends credit to its customer. Book debts (debtors or receivables) are created in the firms accounts. Book debts are expected to be converting into cash over a short period and, therefore are included in current assets. The liquidity position of the firm depends on the quality of debtors to a great extent. Financial analyses apply three ratios to judge the quality or liquidity debtors: (a) debtor turnover (b) Collection period and (c) again schedule of debtors. Debtors turnover Ratio can be found out dividing Average Debtors by Sales

Sales = Net Sales of products

Debtors = Trade Debtors, Sundry debtors,

Debtors Debtors Turnover Ratio = ________ 300 Sales

YEAR

AVGERAGE DEBTORS

SALES

RATIO (A.D./SALES)*300

2006 2007

11.82 17.27

301.67 393.21

12days 13days

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2008 2009 2010

17.87 22.55 21.56

362.44 439.25 568.23

15days 15days 11days

INTERPRETATION From the above ratios we can say that Debtors remain outstanding for 12 days in 2006, 13 days in 2007, 15 days, 15 days, 11 days in 2008, 2009 and 11 respectively. The Collection period of Debtors is decreased in 2010.The payback period of EMPEE DISTILLERIES is less than 13 days in average for the past 5 years which is a good sign.

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Ratio(in days)
Ratio(in days) 15 12 13 11 15

2006

2007

2008

2009

2010

(b)TOTAL ASSETS TURNOVER RATIO

Total Assets Turnover Ratio shows the firms ability in generating sales from all financial sources committed to total assets thus Sales

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Total Assets Turnover = _____________ Total Assets

Total assets (TA) include Net fixed assets (NFA) and Current Assets (CA) for Amul the ratio is

YEAR

SALES

TOTAL ASSETS

RATIO (Sales/T.A.) 2.699 2.593 1.207

2006 2007 2008

301.67 393.21 362.44

111.74 151.59 300.08

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2009 2010

439.25 568.23

317.11 343.65

1.385 1.653

INTERPRETATION From the above data we can say that Total Asset Turnover is recovered 2.699 times in 2006, 2.593 times in 2007, 1.207 times, 1.385 times, 1.653times in 2008, 2009 and 2010 respectively. The sales and total asset has increased simultaneously which is a good sign for EMPEE DISTILLERIES.

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Ratio
Ratio 2.699 2.593

1.653 1.207 1.385

2006

2007

2008

2009

2010

PROFITABILITY RATIOS
A company should earn profit to survive and grow over a long period of time. Profit are essential but it would be wrong to assume that every action initiated by management of a company should be aimed at maximizing profits irrespective of social consequences and profit is looked upon as a term of above since some firms always want to maximize profits at due cost of employees, customers, and society. Except such infrequent cases, it is fact profit must be earned to sustain the operation of the business to be able to obtain

35

funds from investor for expansion and growth and to contribute towards the social overhead for the welfare of society. Profit is the difference between revenues and expenses over a period of time. Profit is the ultimate output of the company; and it will have no future if it fails to make sufficient profits. There fore financial manager should continuously evaluate the efficiency of its company in term of profits. Generally two types of profitability ratios are calculated. Profitability in relation to sales Profitability in relation to investment Profit can be measured in various ways Profitability in relation to sales 1) Gross Profit (2) Net Profit Profitability in relation to investment (1) Return on capital employed (2 Return on Shareholder Fund (3)Earning per share ratio

a) GROSS PROFIT TO SALES RATIO Gross profit ratio is calculated by dividing Gross Profit by sales. Here gross profit is the different between sales and the manufacturing cost of good sold.

Sales Cost of Good sold

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Gross profit margin =

______________________ 100 Sales

Cost of Good sold = sales- GP

YEAR

GROSS PROFIT

SALES

RATIO (G.P./Sales)*100 (%)

2006 2007

16.65 37.15
37

301.67 393.21

5.519 9.447

2008 2009 2010

22.50 25.68 42.43

362.44 439.25 568.23

6.207 5.846 7.467

INTERPRETATION From the above ratio we can say that Gross Profit Ratio in 2006 is 5.519%, 9.447% in 2007 6.207%, 6.207% in 2008, 5..846% in 2009 and 7.461% in 2010 respectively. The total amount of Gross Profit is increasing every year. Because of good increase in sales the Empee distilleries has a good gross profit ratio.

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Ratio
Ratio 9.447 7.467 5.519 6.207 5.846

2006

2007

2008

2009

2010

(b)NET PROFIT RATIO

Net Profit is obtained when operating expenses; interest and taxes are subtracted from gross-profit. The net profit margin ratio is measured by dividing profit after tax by sales. Net profit Net profit margin = __________ 100 Sales

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YEAR

NET PROFIT

SALES

RATIO (N.P./Sales) (%)

2006 2007 2008 2009 2010

15.38 20.10 11.30 10.12 17.09

301.67 393.21 362.44 439.25 568.23

5.098 5.111 3.117 2.303 3.007

INTERPRETATION From the above figure we can say that the percentage of Net Profit is 5.098% in 2006 and is 5.111%, in 2007. In 2008 it 3.117% in 2009 and 2.303% in 2010 it is 3.007 respectively. The total amount of sales is increased every year but at the other side total operating expenses is also increased day by day. EMPEE DISTELLERIES has a good net profit ratio

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Ratio
Ratio 5.098 5.111

3.117 2.303

3.007

2006

2007

2008

2009

2010

(c)RETURN ON CAPITAL EMPLOYEED

Return on Capital Employed Ratio is found out by dividing Net Profit by Capital Employed
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Capital Employed = Total Assets Misc. Expenses Current Liability

Net profit Return on Capital Employed = __________ 100

Capital Employed

Capital Employed = share Capital + Reserves & Surplus

YEAR

NET PROFIT

CAPITAL EMPLOYED

RATIO

42

(N.P./C.E.) (%) 2006 2007 2008 2009 2010 15.38 20.10 11.30 10.12 17.09 37.04 57.15 236.29 235.28 239.03 41.522 35.17 4.782 4.30 7.149

INTERPRETATION From the above data we can say that Return on Capital Employed during 2006 is 41.522%. It was 35.17% in 2007, 4.782% in 2008, 4.30% in 2009 and 7.149% in 2010 respectively. For the first two years the return on the capital has been increased because of good net profit and capital employed, from year 2008 the EMPEE DISTELLERIES has raised capital more than their ability.

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Ratio
Ratio 41.522 35.17

4.782

4.3

7.149

2006

2007

2008

2009

2010

(d)RETURN ON SHAREHOLDER FUND Return on Shareholder Fund Ratio is found out by dividing Net Profit by Shareholders Fund. Shareholders Fund = Equity Share Capital + Reserve and Surplus

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Misc. Expenses

Net profit Return on Shareholders Fund = __________ Shareholders Fund 100

YEAR

NET PROFIT

SHAREHOLDERS FUND

RATIO (N.P. /S.F.) (%) 42.021 35.437

2006 2007

15.38 20.10

36.6 56.72

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2008 2009 2010

11.30 10.12 17.09

235.91 234.93 238.64

4.789 4.307 7.161

INTERPRETATION From the above ratio we can say that the Return on Shareholder Fund is 42.021% in 2006, 35.437% in 2007, 4.789% in 2008, 4.307% in 2009, and 7.161% in 2010 respectively. The Return on Shareholders Fund is decreasing every year. EMPEE DISTELLERIES has issued for more shares in year 2008 above their capability.

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Ratio
Ratio 42.021 35.437

4.789

4.307

7.161

2006

2007

2008

2009

2010

(e)EARNING PER SHARE The profitability of the common shareholders investment can also be measured in many other ways on such measure is to calculate the earning per share. The earning per share is calculated by dividing the profit after taxes by the total number of common (ordinary) shares outstanding.

47

EPS calculation made over years indicate whether or net the firms earning power on per-share basis has changed over that period. Earning per share of the company should be compared with the industry average and the earning per share of other firms. Earning per share simply shows the profitability of the firm on per share basis.

Net Profit Earning per share = __________________________________ Number of common shares outstanding

YEAR

NET PROFIT

NO. SHARES O/S

OF RATIO (N.P. /Share) 8.090

2006

15.38
48

19008893

2007 2008 2009 2010

20.10 11.30 10.12 17.09

19008893 19008893 14204000 14204000

10.573 5.944 7.124 12.031

INTERPRETATION From the above data we can say that Earning per Share is 8.090Rs in 2006-, 10.57 Rs in 2007, 5.94 Rs in 2008, 7.12 Rs in 2009 and 12.03 Rs in 2010. The EPS has been increased in EMPEE DISTEILLERIES because of good net profit.

Ratio
Ratio 12.031 10.573 8.09 5.944

7.124

2006

2007

2008

2009

2010

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CAPITAL STRUCTURE RATIO OR LEVERAGE RATIO

LEVERAGE RATIO

In the short term creditors like bankers and suppliers of raw material; are more concerned with firms current debt-paying ability, on the other hand, long-term creditors like debenture holders, financial institution are more concerned with the firms long term financial strength In fact a firm should have short as well as long term financial position. To judge the long-term financial position of the firms financial leverage or capital structure ratios are calculated. These ratios indicate funds provided by owners and lenders. As a general rule, there should be an appropriate mix of debt and owners equity in financing the firms assets.

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In this type of ratios we can find out following type of ratios Debt Equity Ratio Proprietary Ratio

(a)DEBT EQUITY RATIO

Debt/equity ratio is a measure of the proportion of equity versus debt that is used to finance various portions of a company's operations. It is used as a standard for judging a company's financial standing. A debt/equity ratio is calculated by taking the total liabilities and dividing it by shareholders' equity.

Debt-Equity Ratio Compute by dividing Total Debt to Net Worth. Total Debt = Debentures + Deposits + Long Term Loans Net Worth = Equity Share Capital + Reserve & Surplus

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Total Debt Debt-Equity Ratio = ____________ Net Worth

YEAR

TOTAL DEBT

NET WORTH

RATIO (T.D./N.W)

2006 2007 2008

41.54 77.58 46.95

37.04 31.05 236.29

1.121 2.498 0.198

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2009 2010

64.96 87.75

235.28 239.03

0.276 0.367

INTERPRETATION From the above ratio it is clear that Debt-Equity Ratio in 2007 is 2.49 times. It was 2.49 times in 2007, 1.12 times in 2006, 0.198 times in 2008, 0.276 times in 2009, 0.367 times in 2010. The ideal Debt-Equity Ratio is 2:1.The debt equity ratio is lower than the normal rate 1 where the company under-capitalization, the funds are not invested in the right way

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Ratio
Ratio 2.498

1.121

0.198 2006 2007 2008

0.276

0.367

2009

2010

(b)PROPRIETARY RATIO
Proprietary ratio indicates the long-term or future solvency position of the business. Proprietary Ratio is found out by dividing Proprietary Fund by Total Assets. Proprietary Fund = Equity Share Capital + Reserve and Surplus

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Proprietary fund Proprietary Ratio = ____________ Total Assets

YEAR

PROPRIETARY FUND

TOTAL ASSETS 111.74 151.59

RATIO (Sales/T.A.) 0.331 0.204

2006 2007

37.04 31.05
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2008 2009 2010

236.29 235.28 239.03

300.08 317.11 343.65

0.787 0.741 0.695

INTERPRETATION From the above ratio it is clear that Proprietary Ratio for the year 2006 is 0.331%. In 2007 it is 0.204%, in 2008 it is 0.787%, in 2009 it is 0.741% and in 2010 it is 0.695%. In the years 2008-2010 the creditors contribution in the capital has been reduced to 30% because of increase in share capital so it is good for EMPEE DISTILLERIES.

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Ratio
Ratio 0.787 0.741

0.695

0.331 0.204

2006

2007

2008

2009

2010

COMPARATIVE BALANCE SHEET

COMPARATIVE BALANCE SHEET ON 31ST MARCH 2006 & 2007 (Rs. In Crores) Particulars SOURCES FUNDS: OF Absolute 31st March 31st March increase 2006 2007 decrease Percentage of or increase or decrease

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(1)SHARE HOLDERS FUNDS: Share Capital Reserves and Surplus Total (2)LOAN FUNDS: Secured loans Unsecured loans Total (3)CURRENT LIABILITIES PROVISIONS: AND 41.54 0.00 41.54 59.56 18.02 77.76 18.02 18.02 36.22 43.37 18.02 87.19 14.20 55.99 70.19 14.20 59.79 73.99 0 3.8 3.8 0 6.7 5.41

Current liabilities and 37.82 Provisions Total Liabilities APPLICATION FUNDS: (1)FIXED ASSETS Gross Block (-)Depreciation Net Block (2)CURRENT ASSETS,LOANS. ADVANCES Inventories Sundry Debtors Cash and Bank Balance Loans & Advances 15.74 17.26 2.7 66.82 61.05 14.67 46.37 OF 79.36

39.25 117.01

1.43 37.65

3.78 47.44

54.84 13.53 41.30

(6.21) (1.14) (5.07)

(10.17) (7.77) (10.9)

18.62 11.82 3.15 47.93

2.88 (5.44) 0.45 (18.89)

18.29 (31.51) 16.66 (28.26)

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Total (3)DEFERRED ASSET (4)PROFIT LOSS A/C Total Assets TAX AND

104.79 21.88 20.10 193.14

78.65 13.14 15.38 148.47

(26.14) (8.74) (4.72) (44.67)

(24.94) (36.94) (21.57) (23.12)

INTERPRETATION: From the above analysis table it is inferred that the company has aggressively secured loans during the time period it has increased 87% from 41.54 to 77.76. sundry debtors has decreased from 31.51 % from17.26 to 11.82 wich leads to more cash payment of purchasers. The total assets has been increased 44% and total asset s has been decreased 44.67% wich is not a good sign for the company

COMPARATIVE BALANCE SHEET ON 31ST MARCH 2007 & 2008 (Rs. In Crores) Absolute Percentage 31st March 31st March increase or increase 2007 2008 decrease decrease OF of or

Particulars SOURCES FUNDS:

(1)SHARE HOLDERS FUNDS: Share Capital Reserves and Surplus 14.20 59.79 19.00 234.13 4.8 174.34 33.80 291.58

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Total (2)LOAN FUNDS: Secured loans Unsecured loans Total (3)CURRENT LIABILITIES PROVISIONS: AND

73.99
59.55 18.01 77.56

253.13
31.45 15.50 46.95

179.14

242.11

(28.1) (2.51) (30.61)

(47.18) (156.02) (39.46)

Current liabilities and 33.91 Provisions Total Liabilities APPLICATION FUNDS: (1)FIXED ASSETS Gross Block (-)Depreciation Net Block (2)CURRENT ASSETS, LOANS. ADVANCES Inventories Sundry Debtors Cash and Bank Balance Loans & Advances Total 18.62 17.26 2.07 66.82 104.77 54.84 13.53 41.30 OF 185.37

44.95 346.73

11.04 161.36

32.55 87.04

100.68 15.59 85.08

45.84 2.06 43.78

83.58 15.22 106

20.01 17.86 7.83 173.71 219.5 4.05 35.00

1.39 (0.76) 5.76 106.89 114.73 2.74 (0.94)

7.46 (4.4) 278.26 159.96 109.50 209.16 (2.61)

(3)DEFERRED TAX 1.31 ASSET (4)PROFIT AND 35.94

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LOSS A/C Total Assets 183.32 344.35 161.03 87.84

INTERPRETATION: Share holder funds has been increased drastically of 242 % from 73 crs to 253.13 wich is a good sign as the company trying increase their capital company tried repay their loans as their loans has decreased 39%the company sold lots of goods on advance which is increased to 159.96 %.

The total liability has increased 87.04% and the assets to increased to 87.84 which is a sign for progress in future.

COMPARATIVE BALANCE SHEET ON 31ST MARCH 2008 & 2009 ( Rs. In Crores) 31st March 2008 OF 31st March 2009 Absolute Percentage increase or increase decrease decrease of or

Particulars SOURCES FUNDS:

(1)SHARE HOLDERS FUNDS: Share Capital Reserves and Surplus Total 19.00 234.13 253.13 190.08 233.12 613.2 171.08 (1.01) 360.07 900.42 (0.43) 142.24

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(2)LOAN FUNDS: Secured loans Unsecured loans Total (3)CURRENT LIABILITIES AND PROVISIONS: Current liabilities and 44.95 Provisions Total Liabilities APPLICATION OF FUNDS: (1)FIXED ASSETS Gross Block (-)Depreciation Net Block (2)CURRENT ASSETS,LOANS. ADVANCES Inventories Sundry Debtors Cash and Balance Bank 20.01 17.86 7.83 173.71 219.5 239.90 225.49 76.69 1233.23 1775.31 28.33 219.89 207.63 68.86 1059.52 1555.81 24.28 1098.9 1162.54 879.4 609.92 708.79 5999.50 100.68 15.59 85.08 1089.57 201.89 1977.25 988.89 186.3 1892.17 982.21 1194.99 346.73 499.34 1761.23 454.39 1414.5 1010.87 407.81 31.45 15.50 46.95 424.69 224.92 648.69 393.24 193.47 601.74 1250.36 1248.19 1281.66

Loans & Advances Total

(3)DEFERRED TAX 4.05 ASSET

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(4)PROFIT LOSS A/C Total Assets

AND

35.00 344.35

101.15 3855.81

66.15 3511.46

189 1019.73

INTERPRETATION: From the above table, reveals that during the last 3years the company the shareholders fund increased. The current liability and provision has been increased by Rs.454.39 crores .Which is good for a maintaing a company The total asset has increased largly in year 2009. Their solvency position is not satisfactory

COMPARATIVE BALANCE SHEET ON 31ST MARCH 2009 & 2010 ( Rs. In Crores) Absolute Percentage 31st March 31st March increase or increase 2009 2010 decrease decrease OF of or

Particulars SOURCES FUNDS:

(1)SHARE HOLDERS FUNDS: Share Capital Reserves and Surplus Total (2)LOAN FUNDS: 190.08 233.12 613.2 190.08 2368.73 2558.81 0 2178.65 1945.61 0 934.56 316.97

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Secured loans Unsecured loans Total (3)CURRENT LIABILITIES AND PROVISIONS:

424.69 224.92 648.69

681.53 196.04 877.57

256.84 (28.88) 228.88

60.47 (12.84) 35.28

Current liabilities and 499.34 Provisions Total Liabilities APPLICATION FUNDS: OF 1761.23

501.63 3938.01

2.29 2176.7853.1

0.4 123.59

(1)FIXED ASSETS Gross Block (-)Depreciation Net Block (2)CURRENT ASSETS,LOANS. ADVANCES Inventories Sundry Debtors Cash and Balance Bank 239.90 225.49 76.69 1233.23 1775.31 195.36 215.64 22.89 763.79 1197.68 2.59 170.91 1371.18 (44.54) (9.85) (53.8) (469.44) (577.63) (25.74) 69.79 (2484.63) (22.79) (4.36) (70.15) (38.06) (32.53) (90.85) 68.99 (64.43) 1089.57 201.89 1977.25 1142.67 261.69 880.89 53.1 59.8 (1096.36) 4.87 29.32 (55.44)

Loans & Advances Total

(3)DEFERRED TAX 28.33 ASSET (4)PROFIT LOSS A/C Total Assets AND 101.15 3855.81

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INTERPRETATION: The shareholder fund has increased heavily from 613 to 2558 mainly due to holding of 2368 crs of reserve and surplus holding of more reserve and surplus is not good for a company .The cash balance have been decreased 70.15% from 76.69 to 22.89 which indicates the companies heavy cash purchase to avoid creditors. P&L a/c has been increased 68.99% which shows the companies good profitability position. The total liability has increased to 123.59% and assets decreased 64.43% it is not a good situation for the company thy have to control their growing liability.

Balance Sheet of Empee Distilleries

------------------- in Rs. Cr. -------------------

Sep '06 Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves 14.20 14.20 0.00 0.00 22.84 33.15

Sep '07

Jun '08 Mar '09

Mar '10

14.20 14.20 0.00 0.00 42.95 16.85

19.01 19.01 0.00 0.00

19.01 19.01 0.00 0.00

19.01 19.01 0.00 0.00 220.02 16.85

217.28 216.27 16.85 16.85

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Networth Secured Loans Unsecured Loans Total Debt Total Liabilities

70.19 41.54 0.00 41.54 111.73 Sep '06

74.00 59.56 18.02 77.58 151.58 Sep '07

253.14 252.13 31.45 15.50 46.95 42.47 22.49 64.96

255.88 68.15 19.60 87.75 343.63 Mar '10

300.09 317.09 Jun '08 Mar '09

Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets 61.06 14.68 46.38 7.42 16.67 15.74 11.82 3.15 30.71 47.94 0.00 78.65 0.00 35.68 2.14 37.82 40.83 54.84 13.53 41.31 36.23 8.07 18.63 17.27 2.08 37.98 66.82 0.00 104.80 0.00 32.85 6.40 39.25 65.55 100.68 108.96 15.60 85.08 4.42 45.13 20.01 17.87 7.83 45.71 20.19 88.77 27.93 103.71 23.99 22.55 7.67 54.21 114.27 26.17 88.10 13.10 185.02 19.54 21.56 2.29 43.39 76.38 0.00 119.77 0.00 47.75 14.90 62.65 57.12

173.71 104.30 0.00 0.00

219.42 158.51 0.00 49.22 5.13 54.35 0.00 49.56 12.60 62.16

165.07 96.35

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Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)

0.44 111.74 55.11 26.08

0.43 151.59 61.96 40.23

0.38

0.35

0.31 343.65 47.68 125.75

300.08 317.11 106.79 64.14 124.30 123.77

Profit & Loss account of Empee Distilleries

------------------- in Rs. Cr. ------------------Sep '06 Sep '07 Jun '08 Mar '09 Mar '10

Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses 79.92 2.99 4.33 0.00 198.92 1.32 110.82 1.97 6.62 0.00 245.45 1.52 112.64 0.00 6.72 6.28 217.15 2.18 137.72 0.00 9.69 8.82 259.21 2.57 174.30 0.00 12.20 11.37 327.92 2.50 479.98 178.31 301.67 3.91 -1.92 303.66 626.78 233.57 393.21 6.97 -0.12 400.06 557.73 195.29 362.44 5.61 -0.59 367.46 666.52 227.27 439.25 4.93 0.09 444.27 851.90 283.67 568.23 2.39 0.43 571.05

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Preoperative Exp Capitalised Total Expenses

0.00 287.48 Sep '06

0.00 366.38 Sep '07 26.71 33.68 5.74 27.94 1.81 0.42 25.71 4.16 29.87 9.76 20.10 255.57 0.00 0.00 0.00

0.00 344.97 Jun '08 16.88 22.49 4.64 17.85 2.06 0.00 15.79 0.37 16.16 4.85 11.31 232.33 0.00 9.50 1.62

0.00 418.01 Mar '09 21.33 26.26 7.06 19.20 4.59 0.00 14.61 0.00 14.61 4.49 10.12 280.28 0.00 9.50 1.62

0.00 528.29 Mar '10 40.37 42.76 10.47 32.29 6.09 0.00 26.20 0.00 26.20 9.13 17.09 353.99 0.00 11.41 1.94

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-odd Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualized) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

12.27 16.18 3.27 12.91 1.47 0.42 11.02 6.22 17.24 2.31 15.38 207.55 0.00 0.00 0.00

142.04 10.83 0.00 26.08

142.04 14.15 0.00 40.23

190.09 5.95 50.00 124.30

190.09 5.32 50.00 123.77

190.09 8.99 60.00 125.75

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Cash Flow of Empee Distilleries Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

------------------- in Rs. Cr. ------------------Sep '06 Sep '07 Jun '08 Mar '09 12.06 -16.36 -6.16 21.52 -1.00 4.15 3.15 29.86 -3.96 -27.67 30.56 -1.08 3.15 2.08 16.16 -80.53 -51.09 137.37 5.75 2.08 7.83 14.61 89.79 -90.37 0.41 -0.16 7.83 7.67

Mar '10 26.22 86.21 -90.92 -0.67 -5.38 7.67 2.29

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FINDINGS OF THE STUDY

In the year 2010, the current ratio is declining because of the increase in Current

Liability. The EMPEE DISTELLERIES doesnt have enough fund to manage their short term liabilites In quick ratio the current laibilty has increased very high during the period 20062010,thus the short term fund requirement cant be managed by EMPEE DISTELLERIES.
The absolute liquid ratio in the year 2010 has declined to 0.047 due to decrease in

liquid asset . The payback period of EMPEE DISTILLERIES is less than 13 days in average for the past 5 years which is a good sign EMPEE DISTELLERIES working capital ratios fluctuating
The sales and total asset has increased simultaneously which is a good sign for

EMPEE DISTILLERIES.
The total amount of Gross Profit is increasing every year. Because of good

increase in sales the Empee distilleries has a good gross profit ratio.
The total amount of sales is increased every year but at the other side total

operating expenses is also increased day by day. EMPEE DISTELLERIES has a good net profit ratio

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 the return on the capital has been increased because of good net profit and capital

employed, from year 2008 the EMPEE DISTELLERIES has raised capital more than their ability.
The Return on Shareholders Fund is decreasing every year. EMPEE

DISTELLERIES has issued for more shares in year 2008 above their capability The EPS has been increased in EMPEE DISTEILLERIES because of good net profit The debt equity ratio is lower than the normal rate 1 where the company undercaptilastion,the funds are not invested in the right way Creditors contribution in the capital has been reduced to 30% because of increase in share capital so it is good for EMPEE DISTILLERIES

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Suggestion

EMPEE DISTILLERIES

Liquidity position is not in a

satisfactory level. So the company has to reduce its Current Liabilities, which will improve the liquidity performance of the company. The debt payment period of EMPEE DISTELLERIES are in a average of 13 days for past five years which is a good sign, the company maintain their payback period. The working capital ratio is fluctuating for the past five years. in the year 2010 the working capital ratio is -130.42 times. EMPEE DISTELLERIES has to reduce their current liabilities and should increase their current assets. The earning per share is ranging from 5.21 to 12.41 which is good. EMPEE DISTELLERIES has to reduce their outstanding share in order to increase the ESP.

The net profit of EMPEE DISTELLERIES is intermediate to increase their net profit they should concentrate on their sales department.

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 The debt equity ratio of EMPEE DISTLLERIES is decreasing in the last three years, they are under capitalizing their funds they should invest their capital at the right sector to improve their debt equity ratio.

CONCLUSION
The companys overall position is at a good position. Particularly the current years position is well due to raise in the profit level from the last year position. It is better for the organization to diversify the funds to different sectors in the present market scenario. . It is concluded that the overall financial performance was satisfactory as per analysis. The company has to take appropriate steps to control the cost, increase the volume of sales, profit in the future years. That the company has to avoid which the funds are locked in the inventory in the future years. The company has to improve the profitability position solvency position of EMPEE DISTILLERIES.

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BIBLIOGRAPHY

Companys Annual Reports (last 5 years)

www.Google.com

www.empeegroup.co.in/empee_distilleries.htm

T.S.Reddy and A.Murthy, Financial Management

http://www.moneycontrol.com/india/stockpricequote/breweriesdistilleries/empeedistilleries/ED

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