Balance Sheet of Empee ------------------- in Rs. Cr.

-------------------
Distilleries
Sep '06 Sep '07 Jun '08 Mar '09 Ma

12 mths 12 mths 9 mths 9 mths 12 m

Sources Of Funds
Total Share Capital 14.20 14.20 19.01 19.01 1
Equity Share Capital 14.20 14.20 19.01 19.01 1
Share Application Money 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00
Reserves 22.84 42.95 217.28 216.27 22
Revaluation Reserves 33.15 16.85 16.85 16.85 1
Networth 70.19 74.00 253.14 252.13 25
Secured Loans 41.54 59.56 31.45 42.47 6
Unsecured Loans 0.00 18.02 15.50 22.49 1
Total Debt 41.54 77.58 46.95 64.96 8
Total Liabilities 111.73 151.58 300.09 317.09 34
Sep '06 Sep '07 Jun '08 Mar '09 Ma

12 mths 12 mths 9 mths 9 mths 12 m

Application Of Funds
Gross Block 61.06 54.84 100.68 108.96 11
Less: Accum. Depreciation 14.68 13.53 15.60 20.19 2
Net Block 46.38 41.31 85.08 88.77 8
Capital Work in Progress 7.42 36.23 4.42 27.93 1
Investments 16.67 8.07 45.13 103.71 18
Inventories 15.74 18.63 20.01 23.99 1
Sundry Debtors 11.82 17.27 17.87 22.55 2
Cash and Bank Balance 3.15 2.08 7.83 7.67
Total Current Assets 30.71 37.98 45.71 54.21 4
Loans and Advances 47.94 66.82 173.71 104.30 7
Fixed Deposits 0.00 0.00 0.00 0.00
Total CA, Loans & Advances 78.65 104.80 219.42 158.51 11
Deffered Credit 0.00 0.00 0.00 0.00
Current Liabilities 35.68 32.85 49.22 49.56 4
Provisions 2.14 6.40 5.13 12.60 1
Total CL & Provisions 37.82 39.25 54.35 62.16 6
Net Current Assets 40.83 65.55 165.07 96.35 5
Miscellaneous Expenses 0.44 0.43 0.38 0.35
Total Assets 111.74 151.59 300.08 317.11 34
Contingent Liabilities 55.11 61.96 106.79 64.14 4
Book Value (Rs) 26.08 40.23 124.30 123.77 12
Profit & Loss account of ------------------- in Rs. Cr. -------------------
Empee Distilleries
Sep '06 Sep '07 Jun '08 Mar '09 Ma

12 mths 12 mths 9 mths 9 mths 12

Income
Sales Turnover 479.98 626.78 557.73 666.52 85
Excise Duty 178.31 233.57 195.29 227.27 28
Net Sales 301.67 393.21 362.44 439.25 56
Other Income 3.91 6.97 5.61 4.93
Stock Adjustments -1.92 -0.12 -0.59 0.09
Total Income 303.66 400.06 367.46 444.27 57
Expenditure
Raw Materials 79.92 110.82 112.64 137.72 17
Power & Fuel Cost 2.99 1.97 0.00 0.00
Employee Cost 4.33 6.62 6.72 9.69 1
Other Manufacturing Expenses 0.00 0.00 6.28 8.82 1
Selling and Admin Expenses 198.92 245.45 217.15 259.21 32
Miscellaneous Expenses 1.32 1.52 2.18 2.57
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00
Total Expenses 287.48 366.38 344.97 418.01 52
Sep '06 Sep '07 Jun '08 Mar '09 Ma

12 mths 12 mths 9 mths 9 mths 12

Operating Profit 12.27 26.71 16.88 21.33 4

PBDIT 16.18 33.68 22.49 26.26 4
Interest 3.27 5.74 4.64 7.06 1
PBDT 12.91 27.94 17.85 19.20 3
Depreciation 1.47 1.81 2.06 4.59
Other Written Off 0.42 0.42 0.00 0.00
Profit Before Tax 11.02 25.71 15.79 14.61 2
Extra-ordinary items 6.22 4.16 0.37 0.00
PBT (Post Extra-ord Items) 17.24 29.87 16.16 14.61 2
Tax 2.31 9.76 4.85 4.49
Reported Net Profit 15.38 20.10 11.31 10.12 1
Total Value Addition 207.55 255.57 232.33 280.28 35
Preference Dividend 0.00 0.00 0.00 0.00
Equity Dividend 0.00 0.00 9.50 9.50 1
Corporate Dividend Tax 0.00 0.00 1.62 1.62
Per share data (annualised)
Shares in issue (lakhs) 142.04 142.04 190.09 190.09 19
Earning Per Share (Rs) 10.83 14.15 5.95 5.32
Equity Dividend (%) 0.00 0.00 50.00 50.00 6
Book Value (Rs) 26.08 40.23 124.30 123.77 12

Key Financial Ratios of ------------------- in Rs. Cr. -------------------

Empee Distilleries

Sep '06 Sep '07 Jun '08 Mar '09 Ma

Investment Valuation Ratios

Face Value 10.00 10.00 10.00 10.00 1
Dividend Per Share -- -- 5.00 5.00
Operating Profit Per Share (Rs) 8.64 18.80 8.88 11.22 2
Net Operating Profit Per Share (Rs) 212.38 276.84 190.67 231.07 29
Free Reserves Per Share (Rs) 15.77 29.93 114.10 113.59 11
Bonus in Equity Capital 2.88 2.88 2.15 2.15
Profitability Ratios
Operating Profit Margin(%) 4.07 6.79 4.65 4.85
Profit Before Interest And Tax
3.56 6.31 4.02 3.76
Margin(%)
Gross Profit Margin(%) 3.49 5.59 4.08 3.81
Cash Profit Margin(%) 5.55 5.56 3.53 3.31
Adjusted Cash Margin(%) 2.68 3.05 3.53 3.31
Net Profit Margin(%) 5.07 5.10 3.07 2.27
Adjusted Net Profit Margin(%) 2.06 2.49 3.07 2.27
Return On Capital Employed(%) 15.07 18.78 7.21 7.21 1
Return On Net Worth(%) 41.52 35.18 4.79 4.30
Adjusted Return on Net Worth(%) 17.10 17.30 4.63 4.30
Return on Assets Excluding
10.28 39.93 124.10 123.59 12
Revaluations
Return on Assets Including
13.21 51.80 132.97 132.46 13
Revaluations
Return on Long Term Funds(%) 19.89 22.79 7.30 7.64 1
Liquidity And Solvency Ratios
Current Ratio 1.04 1.21 3.58 1.66
Quick Ratio 1.66 2.20 3.67 2.16
Debt Equity Ratio 1.12 1.36 0.20 0.28
Long Term Debt Equity Ratio 0.61 1.26 0.25 0.30
Debt Coverage Ratios
Interest Cover 3.79 4.62 4.76 3.35
Total Debt to Owners Fund 1.12 1.36 0.20 0.28
Financial Charges Coverage Ratio 4.19 4.80 4.85 3.72
Financial Charges Coverage Ratio Post
6.28 4.89 3.88 3.08
Tax
Management Efficiency Ratios
Inventory Turnover Ratio 19.26 21.15 27.87 27.78 4
Debtors Turnover Ratio 28.28 27.03 20.63 21.74 2
Investments Turnover Ratio 30.49 33.65 27.87 27.78 4
Fixed Assets Turnover Ratio 14.18 9.67 3.60 4.03
Total Assets Turnover Ratio 3.84 2.92 1.28 1.46
Asset Turnover Ratio 4.94 7.17 3.60 4.03

Average Raw Material Holding 58.08 52.81 39.14 39.63 3

Average Finished Goods Held 8.78 3.38 1.89 4.43
Number of Days In Working Capital 48.73 60.00 122.97 59.22 3
Profit & Loss Account Ratios
Material Cost Composition 26.49 28.18 31.07 31.35 3
Imported Composition of Raw
-- -- -- --
Materials Consumed
Selling Distribution Cost Composition 64.31 61.06 58.93 57.89 5
Expenses as Composition of Total Sales -- -- -- --
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit -- -- 98.35 109.92 7
Dividend Payout Ratio Cash Profit -- -- 83.17 75.60 5
Earning Retention Ratio 100.00 100.00 -1.64 -9.92 2
Cash Earning Retention Ratio 100.00 100.00 14.49 24.40 4
AdjustedCash Flow Times 5.10 6.44 3.61 4.42

Sep '06 Sep '07 Jun '08 Mar '09 Ma

Earnings Per Share 10.83 14.15 5.95 5.32

Book Value 26.08 40.23 124.30 123.77 12