MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	ZARA HOME ESPANA SA
Registered Office :	Avd. Diputacion Edf Inditex Arteixo, 15142
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	1991
Com. Reg. No.:	A15340516
Legal Form :	Public Subsidiary
Line of Business :	Manufacturer of Sports Wear.
No. of Employees :	1,024

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Spain	A2	A2

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

SPAIN - ECONOMIC OVERVIEW

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors

Source : CIA

Company name and address

Zara Home España Sa 

Avd. Diputación Edf Inditex
Arteixo, 15142
Spain
Tel:	+(34) 981185400
Fax:	+(34) 981185503
www.zarahome.com

Employees:	1,024
Company Type:	Public Subsidiary
Corporate Family:	275 Companies
Ultimate Parent:	Inditex SA
Incorporation Date:	1991
Auditor:	Kpmg Auditores Sl

Fiscal Year End:	31-May-2013
Reporting Currency:	Euro
Annual Sales:	291.7  ^1
Net Income:	41.3
Total Assets:	266.7

Business Description

Sports Wear Mfr

Industry

Industry	Miscellaneous Manufacturing
ANZSIC 2006:	2592 - Toy, Sporting and Recreational Product Manufacturing
ISIC Rev 4:	3230 - Manufacture of sports goods
NACE Rev 2:	3230 - Manufacture of sports goods
NAICS 2012:	339920 - Sporting and Athletic Goods Manufacturing
UK SIC 2007:	3230 - Manufacture of sports goods
US SIC 1987:	3949 - Sporting and Athletic Goods, Not Elsewhere Classified

Key Executives

Name	Title
Javier Monteoliva Diaz	Secretary
Antonio Gerardo Abril Abadin	Joint Attorney
Eva Cardenas Botas	Manager
Criado Vicente Cortizas Gonzalez	Member Of The Board
Ramon Reñon Tuñez	Member Of The Board

Registered No.(ESP): A15340516

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7770018

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7665175

Corporate Overview

Location
Avd. Diputación Edf Inditex
Arteixo, 15142
Spain

Tel:	+(34) 981185400
Fax:	+(34) 981185503

Sales EUR(mil):	226.7
Assets EUR(mil):	204.4
Employees:	1,024
Fiscal Year End:	31-May-2013

Industry:

Recreational Products

Incorporation Date:	1991
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Registered No.(ESP):	A15340516

Joint Attorney:

Raul Sobrino Garfia

Industry Codes

ANZSIC 2006 Codes:
2592	-	Toy, Sporting and Recreational Product Manufacturing

ISIC Rev 4 Codes:
3230	-	Manufacture of sports goods

NACE Rev 2 Codes:
3230	-	Manufacture of sports goods

NAICS 2012 Codes:
339920	-	Sporting and Athletic Goods Manufacturing

US SIC 1987:
3949	-	Sporting and Athletic Goods, Not Elsewhere Classified

UK SIC 2007:
3230	-	Manufacture of sports goods

Business Description

Retail sale of clothing in specialised stores

More Business Descriptions

Sports Wear Mfr

Financial Data

Financials in:	EUR(mil)
Revenue:	226.7
Net Income:	32.1
Assets:	204.4
Current Assets:	45.9
Fixed Assets:	158.5
Long Term Debt:	5.9
Total Liabilities:	204.4
Issued Capital:	5.5
Net Worth:	89.8
Date of Financial Data:	31-May-2013

1 Year Growth

4.0%

NA

NA

Key Corporate Relationships

Auditor:	Kpmg Auditores Sl
Bank:	Banco Bilbao Vizcaya Argentaria, S.A.
Auditor:	Kpmg Auditores Sl

Corporate Family

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Inditex SA	Parent	Arteixo	Spain	Clothing and Apparel Stores	20,539.9	120,314
Zara España Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	1,925.1	11,170
Zara Polska, Sp. Z.o.o.	Subsidiary	Warsaw	Poland	Clothing and Apparel Stores		1,000
Zara Suisse S.A.R.L.	Subsidiary	Fribourg	Switzerland	Clothing and Apparel Manufacturing		600
Zara Taiwan, B.V.	Subsidiary	Taipei	Taiwan	Clothing and Apparel Stores		500
Za Clothing Ireland Limited	Subsidiary	Dublin, Leinster	Ireland	Clothing and Apparel Stores	69.3	310
Zara Commercial (Shanghai), Co Ltd.	Subsidiary	Shanghai	China	Clothing and Apparel Stores		300
Zara Diseño Sl	Subsidiary	Arteixo, La Coruña	Spain	Grocery Stores	167.0	153
Zara Ceska Republika S.R.O.	Subsidiary	Prague	Czech Republic	Clothing and Apparel Stores		60
Zara USA, Inc.	Subsidiary	New York, NY	United States	Miscellaneous Professional Services		35
Zara	Branch	Los Angeles, CA	United States	Clothing and Apparel Stores	9.8	60
Zara	Branch	New York, NY	United States	Clothing and Apparel Stores	8.0	51
Zara	Branch	Dallas, TX	United States	Clothing and Apparel Stores	8.3	50
Zara	Branch	Pasadena, CA	United States	Clothing and Apparel Stores	7.3	50
Zara	Branch	Tampa, FL	United States	Clothing and Apparel Stores	7.0	50
Zara	Branch	Santa Monica, CA	United States	Clothing and Apparel Stores	6.6	40
Zara	Branch	Washington, DC	United States	Clothing and Apparel Stores	4.3	40
Zara	Branch	New York, NY	United States	Clothing and Apparel Wholesale	90.9	35
Zara	Branch	Las Vegas, NV	United States	Clothing and Apparel Stores	4.9	30
Zara	Branch	Costa Mesa, CA	United States	Clothing and Apparel Stores	4.4	30
Zara	Branch	Washington, DC	United States	Clothing and Apparel Stores	3.2	30
Zara	Branch	Sherman Oaks, CA	United States	Clothing and Apparel Stores	4.2	29
Zara	Branch	Los Angeles, CA	United States	Clothing and Apparel Stores	4.2	29
Zara	Branch	Mission Viejo, CA	United States	Clothing and Apparel Stores	4.2	29
Zara	Branch	Chicago, IL	United States	Clothing and Apparel Stores	4.0	29
Zara	Branch	New York, NY	United States	Clothing and Apparel Stores	4.0	29
Zara	Branch	Orlando, FL	United States	Clothing and Apparel Stores	4.0	29
Zara	Branch	Bethesda, MD	United States	Clothing and Apparel Stores	4.0	29
Zara	Branch	Natick, MA	United States	Clothing and Apparel Stores	3.8	29
Zara	Branch	Boston, MA	United States	Clothing and Apparel Stores	3.8	29
Zara	Branch	Miami, FL	United States	Clothing and Apparel Stores	3.9	28
Zara	Branch	Edison, NJ	United States	Clothing and Apparel Stores	4.1	25
Zara	Branch	Canoga Park, CA	United States	Clothing and Apparel Stores	3.6	25
Zara	Branch	San Antonio, TX	United States	Clothing and Apparel Stores	4.0	24
Zara	Branch	Wayne, NJ	United States	Clothing and Apparel Stores	3.9	24
Zara	Branch	Los Angeles, CA	United States	Clothing and Apparel Stores	3.9	24
Zara	Branch	San Francisco, CA	United States	Clothing and Apparel Stores	3.9	24
Zara	Branch	Stamford, CT	United States	Clothing and Apparel Stores	3.9	24
Zara	Branch	Skokie, IL	United States	Clothing and Apparel Stores	3.8	24
Zara	Branch	Chicago, IL	United States	Clothing and Apparel Stores	3.8	24
Zara	Branch	New York, NY	United States	Clothing and Apparel Stores	3.8	24
Zara	Branch	New York, NY	United States	Clothing and Apparel Stores	3.8	24
Zara	Branch	Atlanta, GA	United States	Clothing and Apparel Stores	3.6	24
Zara	Branch	Houston, TX	United States	Clothing and Apparel Stores	3.5	21
Zara	Branch	Atlanta, GA	United States	Clothing and Apparel Stores	2.8	21
Zara	Branch	Philadelphia, PA	United States	Department Stores	4.3	20
Zara	Branch	Greenwich, CT	United States	Clothing and Apparel Stores	2.4	15
Zara	Branch	Miami Beach, FL	United States	Clothing and Apparel Stores	2.1	15
Zara	Branch	Garden City, NY	United States	Clothing and Apparel Stores	1.7	11
Zara	Branch	New York, NY	United States	Clothing and Apparel Manufacturing	1.2	10
Zara	Branch	San Francisco, CA	United States	Clothing and Apparel Wholesale	8.1	3
Zara Luxembourg S.A.	Subsidiary	Luxembourg	Luxembourg	Clothing and Apparel Stores		35
Zara Nederland B.V.	Subsidiary	Amsterdam, North Holland	Netherlands	Miscellaneous Professional Services		30
Zara Financien B.V.	Subsidiary	Amsterdam, North Holland	Netherlands	Consulting Services		25
Zara Canada Inc.	Subsidiary	Montreal, QC	Canada	Clothing and Apparel Stores		25
Zara Canada	Branch	North York, ON	Canada	Clothing and Apparel Stores	20.6	80
Zara Canada	Branch	Montreal, QC	Canada	Clothing and Apparel Stores	19.7	80
Zara Canada	Branch	Calgary, AB	Canada	Clothing and Apparel Stores	14.8	60
Zara Canada	Branch	Burnaby, BC	Canada	Clothing and Apparel Stores	14.7	60
Zara Canada	Branch	Toronto, ON	Canada	Clothing and Apparel Stores	10.5	50
Zara Canada	Branch	Mont-Royal, QC	Canada	Clothing and Apparel Stores	9.9	40
Zara Canada	Branch	Edmonton, AB	Canada	Clothing and Apparel Stores	9.2	37
Zara Canada	Branch	Laval, QC	Canada	Clothing and Apparel Stores	8.5	35
Zara Canada	Branch	Toronto, ON	Canada	Clothing and Apparel Stores	6.2	30
Zara Canada	Branch	Toronto, ON	Canada	Clothing and Apparel Stores	6.2	30
Zara Canada	Branch	Toronto, ON	Canada	Clothing and Apparel Stores	5.3	30
Zara Canada	Branch	Brossard, QC	Canada	Clothing and Apparel Stores	6.1	25
Zara Canada	Branch	Quebec, QC	Canada	Clothing and Apparel Stores	4.9	20
Zara Canada	Branch	Vancouver, BC	Canada	Clothing and Apparel Stores	3.7	18
Zara Canada	Branch	Vancouver, BC	Canada	Clothing and Apparel Stores	2.9	12
Zara Canada	Branch	Edmonton, AB	Canada	Clothing and Apparel Stores	1.5	6
Zara Canada	Branch	Rosemere, QC	Canada	Clothing and Apparel Stores	1.5	6
Zara Canada	Branch	Toronto, ON	Canada	Clothing and Apparel Stores	0.4	2
Zara Chile S.A.	Subsidiary	Santiago	Chile	Miscellaneous Professional Services		25
Zara Retail Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Store Retailers		25
Zara Ukraine LLC	Subsidiary	Kiev	Ukraine	Clothing and Apparel Stores		20
Zara Argentina S.A.	Subsidiary	Tortuguitas, Buenos Aires	Argentina	Miscellaneous Professional Services	68.3
Zara Osterreich Clothing GmbH	Subsidiary	Vienna	Austria	Clothing and Apparel Stores
Zara Sverige AB	Subsidiary	Stockholm, Uppland	Sweden	Clothing and Apparel Stores
Zara Logistica S.A.	Subsidiary	La Coruna	Spain	Commercial Real Estate Leasing
Zara Magyarorszag, KFT.	Subsidiary	Budapest	Hungary	Clothing and Apparel Stores
Zara Bucuresti, Srl	Subsidiary	Bucharest	Romania	Clothing and Apparel Stores
Za Giyim Ithalat Ihracat Ve Ticaret Ltd.	Subsidiary	Adana	Turkey	Clothing and Apparel Stores
Zara Asia, Ltd.	Subsidiary	Kowloon	Hong Kong	Clothing and Apparel Manufacturing
Zara Japan Corp.	Subsidiary	Tokyo	Japan	Clothing and Apparel Stores
Zara Hellas, S.A.	Subsidiary	Athens	Greece	Clothing and Apparel Wholesale
Zara Monaco SAM	Subsidiary	Monaco	Monaco	Clothing and Apparel Stores
Zara Holding II, B.V	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Investment Services
Zara Denmark A/S	Subsidiary	Copenhagen	Denmark	Clothing and Apparel Stores
ZAO Zara CIS, Ltd.	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Wholesale
Zara Norge, AS	Subsidiary	Oslo	Norway	Clothing and Apparel Wholesale
Corporación de Servicios XXI, S.A. de C.V.	Subsidiary	México, D.F.	Mexico	Clothing and Apparel Stores	1,223.3	5,000
Bershka Bsk España Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	1,223.5	4,421
Bershka Italia S.R.L.	Subsidiary	Milan	Italy	Clothing and Apparel Stores	129.6	778
Bershka France, S.A.R.L.	Subsidiary	Paris	France	Clothing and Apparel Stores	124.3	749
Bershka (Portugal) Confecções Sociedade Unipessoal, Lda	Subsidiary	Lisboa	Portugal	Clothing and Apparel Stores	116.9	692
Pull And Bear S.A.	Subsidiary	Athens	Greece	Clothing and Apparel Stores	50.5	308
Bershka Belgie - Bershka Belgique	Subsidiary	Bruxelles	Belgium	Clothing and Apparel Stores	28.2	135
Bershka Ceska Republika, S.R.O.	Subsidiary	Praha 1	Czech Republic	Miscellaneous Wholesale	7.0	45
Bershka Sng Ooo	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Wholesale	119.4
Stradivarius España Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	912.8	3,876
Stradivarius Portugal, Conf. Unip. Lda.	Subsidiary	Lisbon	Portugal	Clothing and Apparel Stores	80.4	488
Stradivarius Italia SRL	Subsidiary	Milan	Italy	Clothing and Apparel Stores	88.2	457
Stradivarius Diseño Sl	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	16.2	66
Stradivarius Polska Sp zo.o	Subsidiary	Warsaw	Poland	Clothing and Apparel Stores		20
Stradivarius Slovakia, S.R.O.	Subsidiary	Bratislava	Slovakia	Clothing and Apparel Manufacturing		15
Stradivarius Ireland Limited	Subsidiary	Dublin	Ireland	Clothing and Apparel Stores	3.2	14
Stradivarius Ceska Republika, s.r.o	Subsidiary	Prague	Czech Republic	Clothing and Apparel Stores		12
Stradivarius Sng Ooo	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Wholesale	74.3
Stradivarius CIS Ltd.	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Stores
Stradivarius Logistica S.A.	Subsidiary	Sellent, Barcelona	Spain	Clothing and Apparel Manufacturing
Stradivarius France S.A.R.L.	Subsidiary	Englos, Nord	France	Clothing and Apparel Stores
Stradivarius Magyaroszag Kft.	Subsidiary	Budapest	Hungary	Clothing and Apparel Stores
Stradivarius Hellas, S.A.	Subsidiary	Athens	Greece	Clothing and Apparel Stores
Stradivarius BH, D.O.O.	Subsidiary	Mostar	Bosnia and Herzegovina	Clothing and Apparel Stores
Stradivarius Commercial Shangai CO, LTD	Subsidiary	Shanghai	China	Clothing and Apparel Stores
Stradivarius Hong Kong, LTD	Subsidiary	Kowloon	Hong Kong	Clothing and Apparel Stores
Zara Italia, S.R.L	Subsidiary	Milan	Italy	Clothing and Apparel Stores	849.0	3,685
Pull & Bear España Sa	Subsidiary	Naron, La Coruña	Spain	Clothing and Apparel Stores	886.7	3,459
Pull & Bear Portugal - Confecções Lda	Subsidiary	Lisboa	Portugal	Clothing and Apparel Stores	113.7	751
Pull & Bear Italia SRL	Subsidiary	Milano, Milano	Italy	Clothing and Apparel Stores	83.5	399
Pull & Bear Polska Sp Z O O	Subsidiary	Warszawa	Poland	Clothing and Apparel Wholesale	25.4	120
Pull & Bear Polska Sp zo.o	Subsidiary	Krakow	Poland	Clothing and Apparel Stores		14
Pull And Bear Sng Ooo	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Wholesale	96.7
Pull & Bear Ceska Republika S.R.O.	Subsidiary	Prague	Czech Republic	Clothing and Apparel Stores
Pull & Bear Mexico S.A. de C.V.	Subsidiary	Mexico	Mexico	Clothing and Apparel Stores
Pull & Bear Osterreich Clothing, Gmbh	Subsidiary	Vienna	Austria	Clothing and Apparel Stores
Pull & Bear Belgique, S.A.	Subsidiary	Brussels	Belgium	Clothing and Apparel Stores
Pull & Bear Slovakia, S.R.O.	Subsidiary	Bratislava	Slovakia	Clothing and Apparel Wholesale
Pull & Bear Nederland, B.V.	Subsidiary	Amsterdam	Netherlands	Clothing and Apparel Wholesale
Zara U.K. Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	703.3	2,893
Zara	UK Branch/Trading address	London	United Kingdom	Clothing and Apparel Stores	703.3	1,116
Zara	UK Branch/Trading address	London	United Kingdom	Clothing and Apparel Stores	703.3	60
Zara	UK Branch/Trading address	Manchester	United Kingdom	Clothing and Apparel Stores	703.3	55
Zara	UK Branch/Trading address	Glasgow	United Kingdom	Clothing and Apparel Stores	703.3	50
Zara	UK Branch/Trading address	Sheffield	United Kingdom	Clothing and Apparel Stores	703.3	50
Zara	UK Branch/Trading address	Belfast	United Kingdom	Clothing and Apparel Stores	703.3	40
Zara	UK Branch/Trading address	Reading	United Kingdom	Clothing and Apparel Stores	703.3	20
Zara	UK Branch/Trading address	Bromley	United Kingdom	Clothing and Apparel Stores	703.3	3
Zara	UK Branch/Trading address	London	United Kingdom	Clothing and Apparel Stores	703.3
Inditex Logistica, S.A.	Subsidiary	Arteixo	Spain	Travel and Reservation Services		2,000
Oysho España Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Wholesale	292.0	1,473
Oysho Italia SRL	Subsidiary	Milano, Milano	Italy	Clothing and Apparel Stores	39.5	300
Oysho Portugal Conf. Lda.	Subsidiary	Lisbon	Portugal	Clothing and Apparel Stores	28.5	270
Oysho France	Subsidiary	Paris	France	Clothing and Apparel Stores	14.4	74
Zara Belgique - Zara Belgie	Subsidiary	Bruxelles	Belgium	Clothing and Apparel Stores	228.3	1,096
Kiddy's Class España Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	172.2	1,039
Zara Home España Sa	Subsidiary	Arteixo, La Coruña	Spain	Miscellaneous Manufacturing	291.7	1,024
Zara Home Italia SRL	Subsidiary	Milano, Milano	Italy	Miscellaneous Store Retailers	43.4	230
Zara Home Francia, S.A.R.L.	Subsidiary	Paris	France	Home Furnishings Retail	33.4	224
Zara Home CIS Ltd.	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Stores		200
Zara Home (Portugal) - Artigos E Utilidades Para O Lar, Unipessoal, LDA	Subsidiary	Lisboa, Lisboa	Portugal	Miscellaneous Store Retailers	25.3	196
Zara Home Giyim Ithalat Ihracat Ve Ticaret Ltd.	Subsidiary	Eskisehir	Turkey	Clothing and Apparel Stores		100
Zara Home UK Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	17.7	77
Zara Home Nederland B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Clothing and Apparel Wholesale		16
Zara Home Belgique S.A.	Subsidiary	Brugge, West Flanders	Belgium	Miscellaneous Professional Services		5
Zara Home Sng Ooo	Subsidiary	Moscow	Russian Federation	Miscellaneous Store Retailers	4.8
Zara Home Nederland B.V.	Subsidiary	Amsterdam, North Holland	Netherlands	Clothing and Apparel Stores
Zara Home Italia S.R.L.	Subsidiary	Milan	Italy	Miscellaneous Manufacturing
Zara Home Polska, Sp zo.o	Subsidiary	Warsaw	Poland	Clothing and Apparel Wholesale
Zara Home Hellas, S.A.	Subsidiary	Athens	Greece	Clothing and Apparel Stores
Zara Home Mexico, S.A. de C.V.	Subsidiary	Mexico	Mexico	Clothing and Apparel Stores
Zara Home México, S.A. De C.V.	Branch	Villa Hidalgo, Jalisco	Mexico	Clothing and Apparel Stores	0.0	1
Zara Home Diseno, S.L.	Subsidiary	Arteixo, La Coruna	Spain	Grocery Stores
Grupo Massimo Dutti Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	979.3	996
Massimo Dutti France	Subsidiary	Paris	France	Clothing and Apparel Stores	66.4	374
Massimo Dutti Italia SRL	Subsidiary	Milano, Milano	Italy	Clothing and Apparel Stores	30.3	137
Massimo Dutti Ooo	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Wholesale	88.8
Uterque España Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	52.8	996
Uterque S.A.	Subsidiary	Barcelona	Spain	Clothing and Apparel Stores		11
Uterque Hellas S.A.	Subsidiary	Athens	Greece	Clothing and Apparel Stores
Uterque Hong Kong, LTD	Subsidiary	Central	Hong Kong	Clothing and Apparel Stores
Uterque Cis, LTD	Subsidiary	Moscow	Russian Federation	Clothing and Apparel Stores
Uterque Logistica, S.A.	Subsidiary	Arteixo, La Coruna	Spain	Consulting Services
Uterque Diseno, S.L.	Subsidiary	Arteixo, La Coruna	Spain	Clothing and Apparel Stores
Uterque Giyim Limited	Subsidiary	Istanbul	Turkey	Clothing and Apparel Stores
Zara Nederland B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Clothing and Apparel Wholesale	191.4	873
Plataforma Logistica Meco Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	67.5	848
Italco - Moda Italiana, Lda	Subsidiary	Lisboa	Portugal	Clothing and Apparel Stores	104.5	653
Plataforma Europa S.A.	Subsidiary	Zaragoza	Spain	Consulting Services		500
Grupo Massimo Dutti S.A.	Subsidiary	Tordera	Spain	Clothing and Apparel Stores		500
Massimo Dutti Logistica S.A.	Subsidiary	La Coruna	Spain	Travel and Reservation Services		6,000
Massimo Dutti Diseño Sl	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	22.2	996
Massimo Dutti U.K. Ltd.	Subsidiary	London	United Kingdom	Clothing and Apparel Stores	49.7	165
Massimo Dutti Sverige AB	Subsidiary	Stockholm, Uppland	Sweden	Clothing and Apparel Stores		100
Massimo Dutti Polska Sp z.o.o.	Subsidiary	Warsaw	Poland	Clothing and Apparel Stores		25
Massimo Dutti Hong Kong Ltd	Subsidiary	Kowloon	Hong Kong	Clothing and Apparel Manufacturing		25
Massimo Dutti Ireland Ltd.	Subsidiary	Dublin	Ireland	Textile Manufacturing		23
MD Benelux, N.V.	Subsidiary	Brugge	Belgium	Clothing and Apparel Stores		11
Massimo Dutti USA, Ltd.	Subsidiary	New York, NY	United States	Clothing and Apparel Stores	0.5	3
Massimo Dutti Deutschland Gmbh	Subsidiary	Hamburg, Hamburg	Germany	Clothing and Apparel Stores		2
Massimo Dutti Hellas S.A	Subsidiary	Athens	Greece	Clothing and Apparel Stores
Massimo Dutti Norge AS.	Subsidiary	Oslo	Norway	Clothing and Apparel Stores
Massimo Dutti Mexico S.A. de C.V.	Subsidiary	Cuauhtemoc, Colima	Mexico	Clothing and Apparel Manufacturing
Massimo Dutti France S.A.R.L.	Subsidiary	Paris	France	Clothing and Apparel Stores
Massimo Dutti Ro, Srl	Subsidiary	Bucharest	Romania	Clothing and Apparel Stores
Massimo Dutti Giyim Ithalat Ih.Ve Tic. Ltd	Subsidiary	Istanbul	Turkey	Clothing and Apparel Stores
Massimo Dutti Ukraine, Llc	Subsidiary	Kiev	Ukraine	Clothing and Apparel Stores
Massimo Dutti Portugal - Comercio e Industria Textil, S.A.	Subsidiary	Lisbon	Portugal	Clothing and Apparel Stores
Massimo Dutti Danmark A/S	Subsidiary	Copenhagen	Denmark	Clothing and Apparel Wholesale
Massimo Dutti Nederland, B.V.	Subsidiary	Amsterdam	Netherlands	Clothing and Apparel Wholesale
Gruputerque Portugal Confeccoes e Acessorios Lda.	Subsidiary	Lisbon	Portugal	Clothing and Apparel Stores		500
Stradivarius Logistica Sa	Subsidiary	Arteixo, La Coruña	Spain	Storage and Warehousing	23.2	264
Zara Home Logistica Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Wholesale	11.2	256
Robustae - Confecções, LDA	Subsidiary	Lisboa, Lisboa	Portugal	Clothing and Apparel Stores	35.5	241
Indipunt Sl	Subsidiary	Naron, La Coruña	Spain	Textile Manufacturing	166.6	237
Stear Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Manufacturing	182.5	132
ITX Merken, B.V.	Subsidiary	Amsterdam	Netherlands	Clothing and Apparel Stores	958.3	112
Goa-Invest S.A.	Subsidiary	Zaragoza	Spain	Residential and Commercial Building Construction	322.7	101
Goa Invest Sociedad Anonima	Subsidiary	Monza, Monza E Brianza	Italy	Property Managers		2
Goa-Invest, S.A.	Subsidiary	Arteixo, La Coruña	Spain	Residential and Commercial Building Construction	239.7	100
Samlor Sa	Subsidiary	Arteixo, La Coruña	Spain	Miscellaneous Professional Services	69.2	98
Confecciones Fios Sa	Subsidiary	Arteixo, La Coruña	Spain	Textile Manufacturing	69.8	93
Glencare Sa	Subsidiary	Arteixo, La Coruña	Spain	Miscellaneous Professional Services	66.5	91
Jema Creaciones Infantiles S.L.	Subsidiary	El Ferrol, La Coruna	Spain	Textile Manufacturing		79
Zintura Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Manufacturing	101.1	76
Nikole Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Stores	129.0	69
Trisko Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Manufacturing	54.0	56
Confecciones Goa Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Manufacturing	49.6	48
Hampton Sa	Subsidiary	Arteixo, La Coruña	Spain	Clothing and Apparel Manufacturing	59.8	45
ITX Trading S.A.	Subsidiary	Fribourg	Switzerland	Clothing and Apparel Stores		15
Zara Holding B.V.	Subsidiary	Amsterdam, North Holland	Netherlands	Investment Services		10
Zara France SARL	Subsidiary	Paris	France	Clothing and Apparel Stores	1,027.0	4,505
Zara Portugal - Confecções Lda	Subsidiary	Lisboa	Portugal	Clothing and Apparel Stores	352.6	2,429
Zara Vastgoed B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Securities
Zara Mexico B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Banking
Zara México, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Clothing and Apparel Stores		811
Zara México, S.A. De C.V.	Branch	Tlanepantla, Puebla	Mexico	Clothing and Apparel Stores		45
Zara México, S.A. De C.V.	Branch	Ciudad De Mexico, Distrito Federal	Mexico	Clothing and Apparel Stores		40
Zara México, S.A. De C.V.	Branch	Ciudad De Mexico, Distrito Federal	Mexico	Clothing and Apparel Stores		33
Zara México, S.A. De C.V.	Branch	Puebla, Puebla	Mexico	Clothing and Apparel Stores		12
Comditel Sa	Subsidiary	Arteixo, La Coruña	Spain	Textile Manufacturing	31.2	8
Zara International Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Professional Services
Oysho Espana S.A.	Subsidiary	Tordera, Barcelona	Spain	Clothing and Apparel Stores
Oysho Logistica Sa	Subsidiary	Arteixo, La Coruña	Spain	Consulting Services	5.1	87
Oysho CIS Ltd.	Subsidiary	Moscow	Russian Federation	Textile Manufacturing		25
Oysho Hellas S.A.	Subsidiary	Athens	Greece	Clothing and Apparel Manufacturing
Oysho Polska Sp zo.o.	Subsidiary	Warsaw	Poland	Clothing and Apparel Manufacturing
Oysho France, S.A.R.L.	Subsidiary	Arcueil, Val-de-Marne	France	Health and Personal Care Wholesale
Oysho Mexico, S.A. de C.V.	Subsidiary	Queretaro	Mexico	Clothing and Apparel Stores
Oysho Serbia, D.O.O.	Subsidiary	Belgrade	Serbia	Clothing and Apparel Stores
Oysho MAGYARORSZAG, KFT	Subsidiary	Budapest	Hungary	Clothing and Apparel Stores
Oysho Italia, S.R.L.	Subsidiary	Milan	Italy	Clothing and Apparel Stores
Oysho Giyim Ithalat Ihracat Ve Ticaret Ltd	Subsidiary	Istanbul	Turkey	Clothing and Apparel Wholesale
Oysho Ro, Srl	Subsidiary	Bucharest	Romania	Clothing and Apparel Wholesale
Choolet S.A.	Subsidiary	La Coruna	Spain	Clothing and Apparel Manufacturing
Denllo S.A.	Subsidiary	La Coruna	Spain	Textile Manufacturing
Hampton S.A.	Subsidiary	La Coruna	Spain	Clothing and Apparel Manufacturing
Nikole S.A.	Subsidiary	La Coruna	Spain	Clothing and Apparel Stores
Stear S.A.	Subsidiary	La Coruna	Spain	Miscellaneous Professional Services
Zintura S.A.	Subsidiary	La Coruna	Spain	Miscellaneous Professional Services
Bershka BSK Espana S.A.	Subsidiary	Tordera, Barcelona	Spain	Clothing and Apparel Stores
Bershka Logistica Sa	Subsidiary	Arteixo, La Coruña	Spain	Road Transportation Services	32.6	484
Bershka Korea, LTD	Subsidiary	Seoul	Korea, Republic of	Clothing and Apparel Stores		70
Bershka Hong Kong Limited	Subsidiary	Tsim Tsa Tsui	Hong Kong	Clothing and Apparel Stores		50
Bershka Ireland Ltd.	Subsidiary	Cork, Munster	Ireland	Clothing and Apparel Stores		20
Bershka Osterreich Clothing GmbH	Subsidiary	Seiersberg, Styria	Austria	Clothing and Apparel Stores		15
Bershka Suisse S.A.R.L.	Subsidiary	Geneva	Switzerland	Clothing and Apparel Manufacturing		11
Bershka Nederland B.V.	Subsidiary	Almere, Flevoland	Netherlands	Clothing and Apparel Stores		8
Bershka Ceska Republica S.R.O.	Subsidiary	Prague	Czech Republic	Clothing and Apparel Wholesale
Bershka Magyaroszag Kft.	Subsidiary	Budapest	Hungary	Clothing and Apparel Stores
Bershka Hellas, S.A.	Subsidiary	Athens	Greece	Clothing and Apparel Stores
Bershka Polska Sp Z O.O.	Subsidiary	Warsaw	Poland	Clothing and Apparel Stores
Bershka Deutschland B.V. & CO. KG	Subsidiary	Hamburg	Germany	Clothing and Apparel Stores
Bershka Japan, LTD	Subsidiary	Tokyo	Japan	Clothing and Apparel Stores
Bershka Bulgaria, LTD	Subsidiary	Sofia	Bulgaria	Clothing and Apparel Stores
Bershka Diseno, S.L.	Subsidiary	Tordera, Barcelona	Spain	Clothing and Apparel Stores
Inditex Cogeneracion A.I.E.	Subsidiary	La Coruna	Spain	Electricity Generation and Distribution
Kommanditgesellschaft ZARA Deutschland B.V. & Co.	Subsidiary	Hamburg	Germany	Clothing and Apparel Stores
Indipunt Diseno, S.L.	Subsidiary	Naron, La Coruna	Spain	Clothing and Apparel Stores
UTC Benelux, N.V.	Subsidiary	Knokke-Heist	Belgium	Clothing and Apparel Stores
Invercarpro, S.A.	Subsidiary	Arteixo, La Coruna	Spain	Clothing and Apparel Stores
BCN Disenos, S.A. de C.V	Subsidiary	Naucalpan	Mexico	Clothing and Apparel Stores
Lefties Espana, S.A.	Subsidiary	Arteixo, La Coruna	Spain	Clothing and Apparel Stores
Tordera Logistica, S.L.	Subsidiary	Arteixo, La Coruna	Spain	Consulting Services

Executives Report

Board of Directors

Name	Title	Function
Criado Vicente Cortizas Gonzalez	Member Of The Board	Director/Board Member
Ramon Reñon Tuñez	Member Of The Board	Director/Board Member

Executives

Name	Title	Function
Javier Monteoliva Diaz	Secretary	Administration Executive
Antonio Gerardo Abril Abadin	Joint Attorney	Legal Executive
Adolfo Costas Mendez	Joint Attorney	Legal Executive
Susana Fernandez Martin	Joint Attorney	Legal Executive
Yara Ferrero Lagares	Joint Attorney	Legal Executive
Pablo Francesch Huidobro	Joint Attorney	Legal Executive
Aurora Inmaculada Garcia Fernandez	Joint Attorney	Legal Executive
Tania Garcia Miras	Joint Attorney	Legal Executive
Miguel Garcia Mosquera	Joint Attorney	Legal Executive
Marta Gonzalez Maroto	Joint Attorney	Legal Executive
Eva Lence Reija	Joint Attorney	Legal Executive
Abel Lopez Cernadas	Joint Attorney	Legal Executive
Begoña Lopez-Cano Ibarreche	Joint Attorney	Legal Executive
Maria Cristina Luaces Rey	Joint Attorney	Legal Executive
Antonia Martinez Castaño	Joint Attorney	Legal Executive
Luis Molina Lavandeira	Joint Attorney	Legal Executive
Isabel Maria Morugan Gomez	Joint Attorney	Legal Executive
Enrique Muñoz Lagaron	Joint Attorney	Legal Executive
Maria Aranzazu Murciano Rios	Joint Attorney	Legal Executive
Jose Ignacio Nievas Andres	Joint Attorney	Legal Executive
Carlos Ortega Montero	Joint Attorney	Legal Executive
Isabel Ortiz Borras	Joint Attorney	Legal Executive
Paula Ortiz Borras	Joint Attorney	Legal Executive
Fernando Jose Pardo Ramallo	Joint Attorney	Legal Executive
Ana Puime Miguez	Joint Attorney	Legal Executive
Olga Reyes Ferreira	Joint Attorney	Legal Executive
Ruth Rodriguez Gonzalez	Joint Attorney	Legal Executive
Yolanda Seoane Bouzamayor	Joint Attorney	Legal Executive
Raul Sobrino Garfia	Joint Attorney	Legal Executive
Adela Toribio-Rodriguez Redondo	Joint Attorney	Legal Executive
Antonio Ulloa Ayora	Joint Attorney	Legal Executive
Raimundo Vazquez Bermudez	Joint Attorney	Legal Executive
Eva Cardenas Botas	Manager	Other

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.719047
Consolidated	No	No	No
Charges	253.2	291.6	212.3
Supplies	150.2	155.4	119.5
Goods Consumption	143.6	147.3	113.8
Consumption of Raw Materials	6.3	7.5	5.5
Miscellaneous External Expenditures	0.3	0.6	0.2
Staff Costs	32.4	31.3	27.4
Wages and Salaries	25.5	24.8	21.3
Social Security Costs	6.8	6.5	6.1
Depreciation	10.6	10.8	9.6
Allowance for Trade Operations	0.0	0.0	0.2
Variation of Other Trade Provisions	0.0	0.0	0.2
Other Operating Charges	65.0	66.0	51.5
External Services	64.1	65.3	51.0
Taxes	0.7	0.7	0.5
Other Operating Expenses	0.2	0.0	-
Operating Benefits	35.7	39.1	28.4
Financials and Similar Charges	1.0	0.8	2.2
Due to Liabilities With Associated Companies	1.0	0.8	2.2
Due to Other Liabilities	0.0	0.0	0.0
Losses from Financial Investments	0.0	-	-
Changes in Financial Investment Provisions	-21.9	23.7	-
Exchange Losses	-	-	0.1
Net Financial Income	21.5	-	1.0
Profit From Ordinary Activities	57.2	15.2	29.4
Changes in Provisions for Assets	0.4	-	-0.8
Losses From Assets and Securities Portfolio	0.3	0.4	0.4
Extraordinary Expenses	0.2	0.1	0.1
Extraordinary Profit	-	-	0.4
Profit Before Taxes	56.4	14.7	29.8
Corporation Tax	15.1	3.1	2.2
Financial Year Result (Profit)	41.2	11.6	27.6
Income	294.4	303.2	239.9
Net Total Sales	291.3	300.3	234.2
Sales	285.4	296.9	234.2
Rendering of Services	5.9	3.4	-
Miscellaneous Operating Income	2.6	2.2	2.3
Auxiliary Income From Current Management	2.1	2.2	2.3
Grants	0.1	0.1	0.1
Charges for Provisions	0.4	-	0.0
Income From Equity Investment	-	-	3.3
In Group Companies	-	-	3.3
Income From Miscellaneous Interests	0.0	0.0	0.0
Miscellaneous Interests	0.0	0.0	0.0
Gains from Exchange Rate	0.6	0.6	-
Negative Financial Results	-	23.9	-
Negative Extraordinary Results	0.9	0.5	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.696986
Consolidated	No	No	No
Concessions, Patents, Trademarks	1.0	1.0	1.2
Fees Paid for Premises	5.4	5.3	4.4
Software	0.0	-	0.0
Total Intangible Fixed Assets	6.4	6.4	5.6
Land and Construction	9.5	8.1	5.6
Technical Installations and Machinery	32.2	34.3	44.8
Other Installations, Tools, and Furniture	1.2	1.2	1.6
Tangible Fixed Assets Under Construction	0.1	1.1	0.2
Other Tangible Assets	0.2	0.2	0.3
Total Tangible Fixed Assets	43.2	45.0	52.5
Investments in Group Companies	156.3	129.8	117.7
Long-Term Guarantees and Deposits	3.3	3.0	2.9
Financial Investments	159.6	132.8	120.6
Long-Term Trade Receivables	0.3	0.3	0.1
Total Fixed Assets	209.5	184.4	178.9
Goods for Resale	39.8	34.6	27.3
Total Stocks	39.8	34.6	27.3
Trade Debtors	2.5	2.2	0.2
Receivables, Group Companies	13.1	10.1	11.2
Other Debtors	0.2	0.9	0.2
Staff	0.1	0.0	0.0
Public Bodies	2.8	6.0	1.6
Total Debtors	18.7	19.3	13.3
Receivables from Group Companies	-	-	2.0
Other Receivables	-	-	0.0
Short-Term Guarantees and Deposits	-	-	2.9
Total Short-Term Investments	-	-	4.9
Cash	2.3	1.9	2.5
Total Current Assets	60.7	55.7	47.9
Total Assets	270.2	240.2	226.8
Legal Reserve	1.5	1.4	1.6
Miscellaneous Reserves	66.1	54.8	40.1
Total Reserves	67.6	56.2	41.7
Partners Contribution to Loss Compensation	1.4	1.4	1.5
Profit or Loss Brought Forward	1.4	1.4	1.5
Profit or Loss for the Financial Year	42.4	10.8	28.4
Interim Dividend Paid	-	-	-14.3
Total Equity	118.7	75.6	65.2
Other Provisions	1.0	1.1	0.1
Total Provisions for Liabilities and Charges	1.0	1.1	0.1
Other Creditors	0.0	-	-
Long-Term Payables to Public Bodies	7.8	3.8	6.7
Total Other Creditors	7.8	3.8	6.7
Total Long Term Liabilities	7.8	3.8	6.7
Loans and Other Liabilities	0.0	0.0	-
Total Amounts Owed to Credit Institutions	0.0	0.0	-
Amounts Owed to Group Companies	75.3	91.4	100.3
Total Short-Term Amounts Owed to Group and Associa	75.3	91.4	100.3
Advanced Payments from Customers	0.0	0.0	0.0
Amounts Owed for Purchases of Goods or Services	39.2	40.1	25.5
Total Trade Creditors	39.2	40.1	25.5
Public Bodies	2.7	4.0	3.1
Miscellaneous Debts	1.0	0.0	0.2
Wages and Salaries Payable	3.4	2.8	2.0
Total Other Creditors	7.2	6.9	5.3
Prepayments and Accrued Income	21.2	21.3	23.7
Total Short Term Creditors	142.8	159.7	154.7
Total Liabilities and Equity	270.2	240.2	226.8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.36
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Report Prepared by :

NIS

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
--	NB	New Business	--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.