MIRA INFORM REPORT

Report Date :

14.05.2011

IDENTIFICATION DETAILS

Name :	ITX TRADING SA

Registered Office :	Avenue de la Gare 4, 1700 Fribourg

Country :	Switzerland

Financials (as on) :	31.01.2010

Date of Incorporation :	10.02.2006

Com. Reg. No.:	217.3.534.972-6 / 828369

Legal Form :	Company limited by shares

Line of Business :	Wholesale Trade in clothing, shoes and accessories

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	CHF 1'000'000.
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Switzerland

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

ITX Trading SA

Operating address

Avenue de la Gare 4

1700 Fribourg

Switzerland/CH

Telephone: 026 3092400

Fax: 026 3213781

Web site: http://www.inditex.com

VAT-No.

CHE-112.763.766

Profile

Established: 1963

Line of Business: Consumer goods wholesale

Industry Division: Wholesale trade

Industry-code (NACE): 4642 Wholesale of clothing and footwear

Import/Export: Import, Export

Banks: UBS Ltd

CS Credit Suisse

Operational Figures

Coverage: Company

Figures: estimated

Employees: 10

Sales: CHF 48'000'000.--

Activity

The business activities are wholesale trade in clothing, shoes and accessories. Within the Group the company is responsible for the trade activity between Asia and Europe. They maintain offices in Hong Kong and Shanghai.

Real Estate

Real Estate: The company owns no property.

Company Register

Company No: 217.3.534.972-6 / 828369

Legal form: Company limited by shares

Registration: 10.02.2006

Legal status: active

Responsible Register: Handelsregister des Saane-Bezirkes (FR)

Auditor: KPMG AG, Root

History: Date of Statutes: 15.03.2006

Date of Incorporation Statutes: 09.02.2006

Entry Deleted Name

10.02.2006 ITX Trading SA

Entry Deleted Legal domicile

10.02.2006 Fribourg, Switzerland

Entry Deleted Address

10.02.2006 Avenue de la Gare 4, 1700 Fribourg/FR, Switzerland/CH

Entry Deleted Capital

21.03.2006 Share Capital CHF 5'000'000, paidup CHF 5'000'000

10.02.2006 21.03.2006 Share Capital CHF 100'000, paidup CHF 100'000

Entry Deleted Capital Structure

21.03.2006 50'000 Registered shares of CHF 100.--

10.02.2006 21.03.2006 1'000 Registered shares of CHF 100.--

Entry Deleted Activity (original Language)

10.02.2006 Achat, vente, transport, distribution et commerce en général de tous produits textiles, vêtements, chaussures et accessoires.

Entry Deleted Remarks (original Language)

10.02.2006 Publishing authority: FOSC.

10.02.2006 Shares: Restriction de transmissibilité des actions.

10.02.2006 Reports: Communication aux actionnaires: lettre ou FOSC.

Official Administration

Title Name

President Sean Pettenhofer, Origin: Zürich, Switzerland, Address: 6045 Meggen/LU, Switzerland, joint signature of two

Company Secretary Olivier Kuenzler, Origin: Walzenhausen, Switzerland, Address: 3000 Bern/BE, Switzerland, joint signature of two

Executive Director José Manuel Romay de la Colina, Origin: Spain, Address: La Coruña, Spain, joint signature of two

Executive Director Félix Poza Peña, Origin: Spain, Address: La Coruña, Spain, joint signature of two, Appointment: 29.06.2009

Executive board

Title Name

Chief Executive Officer Sean Pettenhofer

Financial Data Inditex Group

Consolidation: consolidated

Industry: Trade/Industry

Fiscal year end: 31.01.2010 31.01.2009 31.01.2008 31.01.2007 31.01.2006

Number of months: 12 12 12 12 12

Currency: mil. EUR mil. EUR mil. EUR mil. EUR mil. EUR

Operating revenue 11'048.0 10'407.0 9'435.0 8'196.3 6'740.8

Operating result 1'729.0 1'609.0 1'652.0 1'356.3 1'093.6

Result before minority interests 1'322.0 1'262.0 1'250.0 1'001.5 803.2

Total shareholders equity 5'329.2 4'721.7 4'193.1 3'448.4 2'898.9

Total assets 8'335.4 7'776.6 7'105.6 5'742.2 5'202.9

Cost of employees 1'791.6 1'703.2 1'472.9 1'250.8 1'036.6

Depreciation 645.8 578.3 496.7 433.4 365.7

Employees at year end 92'301 89'112 79'517 69'240 58'190

Offices 4'607 4'264 3'691 3'131 2'692

Offices inland 1'900 1'896 1'747 1'628

Offices abroad 2'707 2'368 1'944 1'503

Ultimate Parent Company

Name: Industria de Diseño Textil SA

City/Country: Arteixo, Spain/ES

Owner/-s

No. of Owner/-s: 1

Owner: The company is foreign owned.

Class: 100%

Name: ITX Holding SA

City/Country: Fribourg, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 19.04.2010)

Investments

It is believed that the company has no investments.

Legal Actions

Control date Year No. Amount CHF Status

09.07.2008 2008 0

09.07.2008 2007 0

09.07.2008 2006 0

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is considered to be good.

Payment experiences: Payment habits are considered good.

Maximum Credit: CHF 1'000'000.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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