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MRC fashion planning subsidiary to be dissolved |
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Mitsubishi Rayon has decided to dissolve its subsidiary Dia Fashion Planning Co., Ltd., as a result of a vote to this effect at the meeting of the Board of Directors on September 29, 2008. |
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| 1. Reasons for the dissolution |
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To streamline our fiber businesses and raise efficiency, we have decided to integrate the operations of Dia Fashion Planning Co., Ltd. into Dia Mode Co., Ltd., another subsidiary of the Company. The dissolution of this subsidiary will have no material effect on our earnings performance on a consolidated basis. |
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| 2. Overview of Dia Fashion Planning |
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| (1) |
Company name: Dia Fashion Planning Co., Ltd. |
| (2) |
Principal activities: Development of synthetic and chemical fibers, product planning, etc. |
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Establishment: June 1996 |
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Location: 5F, Terasaki No. 3 Bldg.,
5-24-10 Higashi Gotanda, Shinagawa-ku, Tokyo |
| (5) |
President: Yasuaki Yanagida |
| (6) |
Paid-in capital: ¥20 million |
| (7) |
Equity stakes: wholly-owned subsidiary of Mitsubishi Rayon |
| (8) |
Number of shares issued: 400 shares |
| (9) |
Net assets:¥40 million (as of March 31, 2008) |
| (10) |
Total assets: ¥67 million (as of March 31, 2008) |
| (11) |
Balance-sheet date: March 31 |
| (12) |
Number of employees: 9 (as of March 31, 2008) |
| (13) |
Main customer: Mitsubishi Rayon Textile Co., Ltd. |
| (14) |
Latest performance results: |
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| (millions of yen) |
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SalesFiscal 2005
(ended March 2006) |
Fiscal 2006
(ended March 2007) |
Fiscal 2007
(ended March 2008) |
| Sales |
308 |
296 |
296 |
| Operating income |
21 |
21 |
1 |
| Ordinary income |
21 |
21 |
1 |
| Net income |
13 |
12 |
1 |
| 3. |
Overview of Dia Mode |
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| (1) |
Company name: Dia Mode Co., Ltd. |
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Principal activities: Sale of clothing and knitted items made of natural fibers, chemical fibers and synthetic fibers |
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Establishment: June 1993 |
| (4) |
| Location: |
1-8-30 Temmabashi, |
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Kita-ku, Osaka |
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| (5) |
President: Yasuaki Yanagida |
| (6) |
Paid-in capital: ¥100 million |
| (7) |
Equity stake: wholly-owned subsidiary of Mitsubishi Rayon |
| (8) |
Number of shares issued: 2,000 shares |
| (9) |
Net assets: ¥197 million (as of March 31, 2008) |
| (10) |
Total assets: ¥1,375 million (as of March 31, 2008) |
| (11) |
Balance-sheet date: March 31 |
| (12) |
Number of Employees: 18 (as of March 31, 2008) |
| (13) |
Main customer: Mitsubishi Rayon Textile Co., Ltd. |
| (14) |
Latest performance results: |
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SalesFiscal 2005
(ended March 2006) |
Fiscal 2006
(ended March 2007) |
Fiscal 2007
(ended March 2008) |
| Sales |
6,480 |
6,016 |
4,520 |
| Operating income |
47 |
(36) |
83 |
| Ordinary income |
44 |
(42) |
79 |
| Net income |
31 |
(38) |
55 |
| 4. |
Shareholders’ meeting for dissolution of subsidiary |
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| The dissolution of Dia Fashion
Planning was approved at an extraordinary meeting of shareholders on September
29, 2008. |
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| For further inquiries, please contact: |
| Public and Investor Relations Office |
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