Exhibit 21.1
List of Subsidiaries of
Koei Group Co., Ltd.
| Entity Name | Place of Organization | |
| KOEI JAPAN CO., LTD.* | Japan | |
| Koei US, Inc. ** | Texas | |
| EPJ CO., LTD.* | Japan | |
| KOEISING PTE. LTD *** | Singapore | |
| Hidaka Koei (Thailand) Co., Ltd. **** | Thailand |
* 100% owned subsidiary of Koei Group Co., Ltd.
**51% owned subsidiary of Koei Group Co., Ltd.
*** 100% owned subsidiary of KOEI JAPAN CO., LTD.
****49% owned subsidiary of KOEI JAPAN CO., LTD.