Step 1: Analyze Statements
All employees are graduates → every person who is an employee is a graduate
Some employees are ladies → at least one or more employees are ladies
Step 2: Analyze Conclusions
I: All lady employees are graduates → Cannot confirm "All", only "Some" employees are ladies
II: Some lady employees are graduates → Yes, because these ladies are employees and all employees are graduates
\[
\boxed{\text{Only II follows}}
\]