PURPOSE: To provide the title composition comprising an inorganic filler and a binder component containing a specific glassy polymer and a rubbery polymer which is tough and has satisfactory binding powder, and is useful for manufacturing a flexible magnetic recording medium and an abrasive.

CONSTITUTION: The desired composition comprises (A) an inorganic filler and (B) a binder component comprising (i) 50-80% of a glassy polymer (e.g. ethylenically unsaturated monomer or the like) with a Tg of about 60°C which has adsorption points on the surface of the inorganic filler and polar groups capable of doing mutual action and (ii) 20-50% of a rubbery polymer (e.g. polyurethane or the like; preferred polar group is carbamate salt) which has polar groups and is compatible with the glassy polymer, the relative amounts by volume being 35-60 (preferable 40-50)% for (A) and 35-60 (preferably 40-50)% for (B).