I take pleasure in presenting the first Annual Report in the history of
 our re-invented organisation.
 
 In 2001-02, some of our businesses encountered their biggest challenges
 in recent times. Business survival became the priority for a number of
 companies in our industry.
 
 At Graphite, our priority continued to be success, not survival. Our
 management neat, as always, was pro-active, not passive. Our response
 was strategic, structured, synergetic and superbly solvent. We
 dovetailed Graphite India Ltd into Carbon Everflow Ltd, but
 re-christened the merged company as Graphite India Ltd, thus retaining
 its distinct identity.
 
 The merger was conducted to create a globally competitive organisation
 through a combination of the strengths of the two companies: the
 largest intellectual pool of graphite professionals in India and South
 East Asia.
 
 This competitive people edge will enable Graphite India Limited to
 develop new and value-added products and move closer to global
 customers.
 
 In the years to come we are confident that this merger will reflect in
 strong financials and increased market shares across our various
 businesses. The GI Brand shall go truly global.
 
 The customer initiatives will be powered by a commitment to responsible
 management that is pivoted around the enhancement of stakeholder value.
 I am confident that these initiatives will lay the foundation for a
 focused and value-driven company over the long-term.
 
 K. K. Bangur,
 Chairman