mitsubishi rayon 2003 annual report co ltd was established in 1933 as a manufacturer of staple since then the company has grown beyond role syn thetic fiber maker to become leading polymers based on acrylic business mma methyl methacrylate and an acrylonitrile complexes through constant anticipation future needs we have expanded our into fields synthetic resins carbon fibers composite materials plastic optical high performance membranes fiscal 2002 first year three new medium term manage ment plan group implemented investment for growth planned achieved substantial results cost reduction exceeding tar get will steadily carry out policies stipulated under further strengthen core sectors while growing operations such aqua sustainability this way turn return unique specialty enterprise 1 financial highlights 2 message from president 7 board directors corporate auditors executive officers 8 strategies action 10 mrc at glance 12