PEARL GLOBAL IND Share price

The Company was incorporated as a private limited company under the name Mina Estates Private Limited on July 5 1989 under the Companies Act 1956. The name of the Company was subsequently changed to House of Pearl Fashions Private Limited by a special resolution of the members of the Company passed at the extra ordinary general meeting on May 9 2006. The fresh certificate of incorporation consequent upon the change of name was granted on June 19 2006 by the RoC. The Company became a public limited company pursuant to a special resolution of its shareholders passed at the extra ordinarygeneral meeting on June 28 2006. Pursuant to this special resolution the name of the Company was changed to House of Pearl Fashions Limited. The certificate of incorporation was amended to reflect the new name on July 31 2006 by the RoC. On October 24 2000 pursuant to a scheme of merger approved by the Delhi High Court (the "Merger Scheme") the Company acquired the properties rights and claims of Seth Real Estates Private Limited Passion Estates Private Limited India Watch Company Private Limited Atlanta Estates Private Limited Pearl Housing (India) Private Limited and J.R. Apparel Private Limited (the "Transferor Companies") and the Transferor Companies merged with and into the Company effective April 1 1999. On January 20 2001 under the terms of the Merger Scheme the shareholders of the Transferor Companies were granted an aggregate of 598570 Equity Shares in the Companyfor consideration other than cash.Historically we conducted business as a separate group of companies. Our domestic operations have been carried out by Pearl Global a listed company in India in which HoPFL owns a 62.8% equity interest. In order to integrate the international operations with our domestic operations we commenced a restructuring of certain of our businesses which was completed ina phased manner. On March 28 2006 HoPFL incorporated its wholly-owned subsidiary in Mauritius Multinational Textiles which acquired a 100% equity interest in Global Textiles Group a Mauritius company on March 31 2006 and an 85% equity interest in Norwest Industries (HK) a Hong Kong company on May 31 2006. Global Textiles Group owns Depa U.S. Poeticgem and PT Norwest our principal operating companies in the United States the United Kingdom and Indonesia respectively. On March 28 2006 HoPFL also acquired approximately 99.9% and 98.0% respectively of Nor Pearl and Norp Knit companies incorporated in Bangladesh.Following the restructuring in addition to Pearl Global each of Multinational Textiles Nor Pearl Norp Knit Norwest Industries (HK) Global Textiles Group Poeticgem PT Norwest Depa U.S. Poeticgem Canada and Pacific Logistics became a direct or indirect subsidiary of HoPFL. Further on August 1 2006 we also incorporated HoP (U.S.) a wholly-owned subsidiary in the U.S. Our indirect subsidiary Depa International (Canada) Inc. was acquired by our subsidiary Poeticgem on October 1 2006.The name was changed to "Poeticgem (Canada) Limited" on October 12 2006.Major Events:Date Events1987 * Pearl Global started operations1994 Pearl Global lists at the BSE NSE DSE and ASE1998 Establishment of international presence with incorporation of Norwest Industries in Hong Kong2002 PT Norwest Indonesia started production2002 Setting up of sourcing office in China2004 The Company acquired import and distribution businesses in the U.S.A. and the U.K. and also consolidated overseas entities2005 Setting up of sourcing office in Bangladesh2005 Nor Pearl and Norp Knit subsidiaries in Bangladesh commenced operations2006 Reorganization of group companies and consolidation of operations under House of Pearl Fashions Limited2006 HoP (U.S.) new subsidiary incorporated in U.S.