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o. 02 La 3lusión, S.A. de C.. Balances comparativos AC3O C3RCULA E 6 c c ! c$ c c ! c c c c & c 1 cc c 1 c#c* c otal Activo Circulantec O C3RCULA E / c 4 c c $ c c 4 c - 8 c c $ c c- 8 c -* c#c8c c4 c c $ c c-* c#c 8c c4 c 8c c c c $ c c8c c c : c c c $' c $ c c : c c c c $' c $ c c c - c1 c $' c $ c c$ c 1 c OAL o Circulantec OAL AC3Oc PAS3O A CORO PLAO c c c !&cc 1 c /cc 1 c c* c c c c OAL PAS3O A CORO PLAOc A LARGO PLAO c: c =* 1 cc c OAL PAS3O A LARGO PLAOc OAL PAS3Oc CAP3AL CO ABLE c c c c4 c $ c c c

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Empresa X SA DE C Estado de Cambios en la Situación Financiera del 01 de Enero al 31 de Diciembre del 2010 OPERAC3 : c) 2G+%>,,,c c c c c8cc8c c ' c c cc42c 2(>,,,c $' 2% >,,,c ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccG+,>,,,c ccccccccccccc =&!7!)cIcD!!J)c c&/! c c=&!J)2c $cc c9%,>,,,,,,c $ccc c 9>,,,,,,c $cc 1 c#c* c9>,,,,,,c $cc c c9,>,,,,,,,,,c $ccc c 9,>,,,,,,,,,c $cc c >,,,c $cc c c4 c $ c c ,>,,,c c Recursos utilizados en actividades de Financiamiento««««««««««««««..$(30,000) c 3 ERS3O : 6 c c/ ,>,,,c $cc 4 9",>,,,,,,
Aumento de efectivo«««««««««««««««««««««««««««.. $20,000 Efectivo e inversiones temporales al principio del periodo««««««««««.725,000 Efectivo e inversiones temporales al final del periodo««««««««««««..745,000 ijuana, B.C. a 25 de Enero del 2011.

Las notas que se adjuntan forman parte integrante del presente Estado Financiero. Formulado por: Contador General

Autorizado por Administrador General

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Cía. Jesu S.A. de C.. Balances comparativos AC3O C3RCULA E 4c ! c$ c cc* c ! c 1 c cc ! c c 1c 'c OAL AC3O C3RULA E AC3O O C3RCULA E / c 4 c c $ c c 4 c 8cc c $ c c8c OAL AC3O O C3RCULA E OAL AC3O PAS3O A CORO PLAO c !$ cc 1 c OAL PAS3O A CORO PLAO PAS3O A LARGO PLAO K cc 1 c =* 1 cc c OAL PAS3O A LARGO PLAO OAL PAS3O CAP3AL CO ABLE CAP3AL CO R3BU3DO c$Hc $ cc c$Hcc OAL CAP3AL CO R3BU3DO CAP3AL GA ADO c c & cD1 c & c c c c c6c OAL CAP3AL GA ADO OAL CAP3AL CO ABLE PAS3O + CAP3AL CO ABLE



ariación Efectos +/G/U >,,,c 7c > ,c 7c 9">%,,",,c c ,,c c 9%,>,,,,,,c c + >,,,c c %> ,,c c %> ,,c c >" ,c c c c c c c c 9>,,,,,,c 7c c c c c (,>,,,c 7c 9 ,>,,,,,,c 7c (>,,,c 7c c c c c > ,,c 7c > ,,c )c >,,,c )c (>,,,c )c c c c c c c

Clave de Actividad O/F/3 c c =c =c =c !c c c !c !c c !c c c c c =c =c c c c c c c c c c c c c c c c c c c c c

OAS AD3C3O ALES c c c

D c1 c1 c #c c c6ccG> ,c c4H c c c c c c 1c 'ccG%,>,,,c c 4ccc c cG+ >,,,c#ccccG >,,,c4c 8 c$ cc 1c

c4c cG>,,,c#c c$ c c c: cc

Ñ-c c

c

c$c>,,,c c$ >ccc c$ c cG,c cc#c4c c cGc cc

CEDULA DE AR3AC3O ES

? cc c c c4cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccG>,,,ccccccccccccccccccccccccccccccccccccccccccccccccc ? cc c c c c$ cccccccccccccccccccccccccccccccccccccccccccccccccccccccc > ,c c

!$c c4c c c ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccG"(> ,c c

CEDULA PARA DEERM3 AR LOS D33DE DOS PAGADOS c c6c,,cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccG,>,,,c ? cc c c c c ccccccccccccccccccccccccccccccccG >,,,c ? cc c c c c 1 ccccccccccccccccccccccccccccccccccccccccccccccc> ,,c ? cc c c c c c cccccccccccccccccccccccccccccccc>,,,c c / c c cc ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc,>,,,c c

c

4 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc,c

Ñ[c c

Cía. Jesu SA DE C Estado de Cambios en la Situación Financiera del 01 de Enero al 31 de Diciembre del 2011 OPERAC3 :

c) 2G(>,,,c c c c c8cc8c c ' c c cc42c 2> ,cccccccccccccccccccccccccccccccccccccc cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc%,> ,c c =&!7!)cIcD!!J)c c&/! c c=&!J)2c $cc cc* ">%,,c $cc! 9>",,,,,,,,ccccccccccccccc9c>,,,,,cc $cc=* 1 9 ,>,,,,,,c $cc$ cc c$H(>,,,c c Recursos generados en actividades de Financiamiento«««««««««««««..$58,000 c 3 ERS3O : 8 c c/ 9 >,,,,,,c $cc 4 9+ >,,, ,,
Aumento de efectivo«««««««««««««««««««««««««.$68,250 Efectivo e inversiones temporales al principio del periodo««««««««.24,500 Efectivo e inversiones temporales al final del periodo««««««««««..92,750 ijuana, B.C. a 25 de Enero del 2011.



Ñrc c

3ntegrantes: . 0c- c ' *:c 7' 'c #c! cF '$Bcc cc c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c Ñc c

EJERC3CO o. 05 El oportuno, S.A. de C.. Balance General al 31 de Diciembre del (Miles de pesos) AC3O C3RCULA E 2010 6 c G,c c >,,c c >%,,c c c ,,c ! c >,,,c B c ",c & c 1 cc c ,c 1 c#c* c ,c OAL AC3O C3RULA E $4,340 AC3O O C3RCULA E c / c (+,c 4 c >,,,c c $ c c 4 c 9>,(,,,,c c $ c c- 8 c 9,,,,,c c $ c c8c c 9,,
c > ,,c $' c $ c c7 c c 9>,,,
c 1 c#c* c (,,c OAL AC3O O C3RCULA E $16,030 OAL AC3O $20,370 PAS3O A CORO PLAO c c ,,c c c ,c c* c >,,,c !&cc 1 c ,c /cc 1 c (,c & c* cc c +"c OAL PAS3O A CORO PLAO $2,046 PAS3O A LARGO PLAO c c: cc >,,,c =* 1 cc c >,,,c & c* cc c "c OAL PAS3O A LARGO PLAO $7,016 OAL PAS3O $9,062 CAP3AL CO ABLE c CAP3AL CO R3BU3DO c c c >,,,c c c4 c $ c c ccc >,,,c

2011 G% ,c ,>%(,c ">,,,c ,c ,> ,,c ,c ,c ,c $58,120 c (+,c >,,,c 9>,,,,c 9 ,,,c 9",, ,,c 9>% ,+,,c ,c ,c (>%,,c >(,,c "c $14,416 c >,,,c >,,,c ,c $7,000 $21,416 c c >,,,c ,c

Ñ c c

OAL CAP3AL CO R3BU3DO CAP3AL GA ADO c $ c & cD1 c & c c c c c6c OAL CAP3AL GA ADO OAL CAP3AL CO ABLE PAS3O + CAP3AL CO ABLE

$6,000 c > ,,c c ,c (c $5,308 $11,308 $20,370

$21,000 c > c c ,c ">+"c $31,054 $52,054 $73,470

ÑÎc c

!

El oportuno, S.A. de C.. Balance General al 31 de Diciembre del (Miles de pesos) AC3O C3RCULA E 2010 2011 ariación Efectos +/G/U 6 c G,c G% ,c % ,c 7c c >,,c ,>%(,c +> (,c 7c c >%,,c ">,,,c >,,c c c c ,,c ,c 9,,,,,c ,> ,,c +> ,,c c B c ",c ,c 9",,,,c >,,,c ,c c c $ c c 4 c 9>,(,,,,,c >,,,c ,c c c $ c c- 8 c 9,,,,,c >,,c >,,c c c $ c c8c c 9,,
c > ,,c > ,,c ,c c $' c $ c c7 c c 9>,,,% ,
c 1 c#c* c (,,c %,c 9,+,,c > ,,c 7c c c ,c ,c 9 ,,,,c ,c 9>,,,%,,c (> (,c 7c /cc 1 c (,c >(,,c >%,c 7c & c* cc c +"c "c 9(,,,,c >,,,c ,c c =* 1 cc c >,,,c >,,,c ,c c & c* cc c "c ,c 9"
Clave de Actividad O/F/3 c c =c =c =c =c =c =c c c !c !c =c !c =c !c =c !c =c !c =c !c =c =c c c c =c =c c =c =c =c c c c c ,c c c c

è c c

CAP3AL CO R3BU3DO c c c c4 c $ c c ccc OAL CAP3AL CO R3BU3DO CAP3AL GA ADO c $ c & cD1 c & c c c c c6c OAL CAP3AL GA ADO OAL CAP3AL CO ABLE PAS3O + CAP3AL CO ABLE

c >,,,c >,,,c $6,000 c > ,,c c ,c (c $5,308 $11,308 $20,370

c >,,,c ,c $21,000 c > c c ,c ">+"c $31,054 $52,054 $73,470

c ">,,,c 9>,,,+c c c c

c 7c c c c )c )c )c )c c c c

c c c c c c c c c c c c

CEDULA DE AR3AC3O ES

? cc c c c 6 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccG% ,cccccccccccccccccccccccccccccccccccccccccccccccccc ? cc c c c cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc+> (,c c

!$c c4c c c ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccG,>,c c

CEDULA PARA DEERM3 AR LOS D33DE DOS PAGADOS c c6c,,ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccG (c ? cc c c c c $ ccccccccccccccccccccccccccccccccG9%
c

4 ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc% ,c

èGc c

El oportuno SA DE C Estado de Cambios en la Situación Financiera del 01 de Enero al 31 de Diciembre del 2011 OPERAC3 :

c) 2G">+"c c c c c8cc8c c ' c c cc42c 2%,ccccccccccccccccccccccccccccccccccccccccccccccccccccccc $' 2(,cccccccc> ,cccccccccccccccccccccccccccccccccccccc ccc(>,"c c =&!7!)cIcD!!J)c c&/! c c=&!J)2c $cc 9>,, ,, ,,c $cc c 9 , (,c $cc/cc 1 >%,c $cc& c* cc 9+"%"",,,,,,c $cc c c4 c $ c c 9>,,,,,
Aumento de efectivo«««««««««««««««««««««««««......$10,330 Efectivo e inversiones temporales al principio del periodo««««««««««1,210 Efectivo e inversiones temporales al final del periodo«««««««««««..11,540 ijuana, B.C. a 25 de Enero del 2011.



c èÑc c

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cF .c c &c $c c' c &: cK$

c * c c c c c c c c c c c c c c c c c c c c èèc c

" EJERC3CO

o. 01 La 3lusión, S.A. de C.. Balances comparativos AC3O C3RCULA E 6 c c ! c$ c c ! c c c c & c 1 cc c 1 c#c* c otal Activo Circulantec O C3RCULA E / c 4 c c $ c c 4 c - 8 c c $ c c- 8 c -* c#c8c c4 c c $ c c-* c#c 8c c4 c 8c c c c $ c c8c c c : c c c $' c $ c c : c c c c $' c $ c c c - c1 c $' c $ c c$ c 1 c OAL o Circulantec OAL AC3Oc PAS3O A CORO PLAO c c c !&cc 1 c /cc 1 c c* c c c c OAL PAS3O A CORO PLAOc A LARGO PLAO c: c =* 1 cc c OAL PAS3O A LARGO PLAOc OAL PAS3Oc CAP3AL CO ABLE

2009c 2010c G,,>,,,c G >,,, ,>,,,c +,>,,, % >,,,c ,,>,,,c ,,>,,,c %,>,,,c (,>,,,c %">,,,c ,>,,,c >,,,c >,,,c >,,,c ">,,,c ,>,,,c $1´236,000c $1´427,000c c c ,,>,,,c ,>,,,c ,,>,,,c "",>,,,c 9,,>,,,,,,,,,c % >,,,c 9(,>,,,,,,,,,c +>,,,c 9>,,,,,,< c >,,,c ,%>,,,c 9 >,,,,,,,,,ccccc ,,>,,,c 9,>,,,,,,,,,ccccc ,>,,,c 9%,>,,,,,,,,,ccc ,>,,, 9 >,,,,,,,,,ccccc %(>,,, ,>,,,ccccc (,>,,,c >,,,ccccc % >,,,c ,,>,,,ccccc ,>,,,c ,,>,,,ccccc ,c ,>,,,ccccc ,,>,,,c $1´215,000 $943,000 c c ,,>,,,ccccc %,,>,,,c ,,>,,,ccccc ,,>,,,c $800,000 $1´000,000c $2´015,000 $1´943,000c c

è-c c



c c c c c c c c c c c c c c c c c c è[c c

!

c La 3lusión, S.A. de C.. Balances comparativos AC3O C3RCULA E 6 c c ! c$ c c ! c c c c & c 1 cc c 1 c#c* c otal Activo Circulantec O C3RCULA E / c 4 c c $ c c 4 c - 8 c c $ c c- 8 c -* c#c8c c4 c c $ c c-* c#c8c

c4 c 8c c c c $ c c8c c c : c c c $' c $ c c : c c c c $' c $ c c c - c1 c $' c $ c c$ c1 c OAL o Circulantec OAL AC3Oc PAS3O A CORO PLAO c c c !&cc 1 c /cc 1 c c* c c c c OAL PAS3O A CORO PLAOc A LARGO PLAO c: c =* 1 cc c OAL PAS3O A LARGO PLAOc OAL PAS3Oc CAP3AL CO ABLE c c c c4 c $ c c c OAL CAP3AL CO R3BU3DOSc GA ADO

2009c 2010c Lc (%Lc "(Lc +"Lc +(Lc Lc Lc %(+Lc "%Lc +Lc ,"%Lc ,"+Lc ,%Lc ,Lc ,,Lc ,Lc 41.26% 44.79% cc cc Lc ,++Lc ""+Lc ,%Lc Lc +Lc ( Lc +Lc "%Lc (Lc ,Lc +Lc ,Lc ,""Lc ,( Lc %%Lc %Lc "(Lc Lc Lc ,,Lc ((Lc %Lc "+Lc Lc Lc "%Lc Lc ,Lc ((Lc 58.74% 55.21% 100.00% 100.00% cc cc "(Lc ,,Lc ,Lc Lc % Lc +Lc Lc Lc ,,Lc ,,,Lc ,Lc Lc 40.55% 29.60% cc cc ""+Lc +%Lc ,,Lc +Lc 26.70% 31.39% 67.26% 60.99% cc cc Lc " Lc ,Lc "Lc 13.68% 14.91% cc cc

èrc c

c $ c & cD1 c & c c c c c6c OAL CAP3AL GA ADOc OAL CAP3AL CO ABLEc PAS3O + CAP3AL CO ABLEc

,,Lc "%Lc ,"%Lc "%Lc 19.06% 32.74% 100.00%

%(Lc ((Lc "Lc "(Lc 24.11% 39.01% 100.00%

c

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EJERC3C3O #2 c Dc-)&cc c?c D)c7)&DcDcc c !!-&c Dcc AC3O C3RCULA E 6 c c ! c/$ c c ! c otal activo Circulante AC3O O C3RCULA E / c 4 c c $c c 4 c - 8 c c $c- 8 c OAL AC3O O C3RCULA E OAL AC3O c PAS3O A CORO PLAO c c c !&cc 1 c /cc 1 c OAL PAS3O A CORO PLAO PAS3O A LARGO PLAO cK c c c =* 1 cc c OAL PAS3O A LARGO PLAO

OAL PAS3O CAP3AL CO ABLE CAP3AL CO R3BU3DO c c cI4c$c c c OAL CAP3AL CO R3BU3DO CAP3AL GA ADO c $ c & cD1 c & c c

,,c G,,c ",,c ,,c ,,,c ,,,c (+,,c c c ,,,,c ,,,,c 9,,,,
,c ,,c ,,c ,,c ,,,c ,,,c ,,c c c ,,,c ,,,,c 9 ,,,,
c

c c6c OAL CAP3AL GA ADO OAL CAP3AL CO ABLE PAS3O + CAP3AL CO ABLE

,c " ,c + ,c +,,c

,,,,c %" ,c " ,c ",,c

c c c c c c c c c c c c c c c c c c c c c c c èÎc c

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Dc-)&cc c?c D)c7)&DcDcc c !!-&c Dcc c AC3O C3RCULA E ,,c ,c 6 c ,,+Lc ,(Lc c ,%Lc ,Lc ! c/$ c , ,Lc , %Lc c Lc %%Lc ! c (,Lc Lc otal activo Circulante ,Lc + Lc cc cc AC3O O C3RCULA E cc cc / c (,Lc +(+Lc 4 c "%",Lc ""Lc c $c c 4 c (,Lc ,Lc - 8 c (,Lc +%+Lc c $c- 8 c Lc ((Lc OAL AC3O O C3RCULA E + ++Lc + , Lc OAL AC3O ,,,,Lc ,,,,Lc c cc cc PAS3O A CORO PLAO cc cc c ,,%Lc ,,+Lc c c ,,Lc ,(Lc !&cc 1 c ,Lc ,%Lc /cc 1 c ,,+Lc , Lc OAL PAS3O A CORO PLAO , ,Lc ,"+Lc PAS3O A LARGO PLAO cc cc cK c " Lc ((Lc c c +(Lc ((Lc =* 1 cc c ,,,Lc %"(Lc OAL PAS3O A LARGO PLAO "Lc %Lc OAL PAS3O "Lc ", Lc CAP3AL CO ABLE cc cc CAP3AL CO R3BU3DO cc cc c c "Lc (%Lc cI4c$c c c ,,,Lc Lc OAL CAP3AL CO R3BU3DO "Lc ,+ Lc CAP3AL GA ADO ,,,Lc ,,,Lc c $ c +,Lc "Lc & cD1 c ,+,Lc ,"Lc & c c "%"Lc ((Lc c c6c ,"Lc ((Lc - c c

OAL CAP3AL GA ADO OAL CAP3AL CO ABLE PAS3O + CAP3AL CO ABLE

%%Lc ((Lc ,,,,Lc

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! Cía. Jesu S.A. de C.. Balances comparativos AC3O C3RCULA E 4c ! c$ c cc* c ! c 1 c cc ! c c 1c 'c OAL AC3O C3RULA E AC3O O C3RCULA E / c 4 c c $ c c 4 c 8cc c $ c c8c OAL AC3O O C3RCULA E OAL AC3O PAS3O A CORO PLAO c !$ cc 1 c OAL PAS3O A CORO PLAO PAS3O A LARGO PLAO K cc 1 c =* 1 cc c OAL PAS3O A LARGO PLAO OAL PAS3O CAP3AL CO ABLE CAP3AL CO R3BU3DO c$Hc $ cc c$Hcc OAL CAP3AL CO R3BU3DO CAP3AL GA ADO c c & cD1 c & c c c c c6c OAL CAP3AL GA ADO OAL CAP3AL CO ABLE PAS3O + CAP3AL CO ABLE

2010 Lc ,,,Lc %(Lc %%Lc ,+Lc %%Lc %"Lc cc , Lc +"Lc (+Lc %Lc (Lc (Lc ,,,,Lc cc % Lc ,Lc ("Lc cc ,,,Lc "Lc "Lc (,Lc cc cc (",Lc (+Lc (Lc cc ,"Lc , Lc "Lc , Lc %Lc (,Lc ,,,,Lc

2011 "(Lc " ,Lc %Lc %Lc ,Lc ,,,Lc "",Lc cc ,Lc ,+Lc ("+Lc (Lc Lc ",Lc ,,,,Lc cc +"Lc (%Lc %(Lc cc +Lc Lc ,Lc ,( Lc cc cc %(Lc "%Lc Lc cc Lc Lc ,Lc "Lc %,Lc + Lc ,,,,Lc

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c > ,,c $' c $ c c7 c c 9>,,,


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$6,000 c > ,,c c ,c (c $5,308 $11,308 $20,370

$21,000 c > c c ,c ">+"c $31,054 $52,054 $73,470

c c c c c c c c c c c c c c c c c c c c

-rc c

! El oportuno, S.A. de C.. Balance General al 31 de Diciembre del (Miles de pesos) AC3O C3RCULA E 2010 6 c ,, Lc c (+Lc c ( Lc c c ,+Lc ! c +Lc B c ,+Lc & c 1 cc c , +Lc 1 c#c* c ,%Lc OAL AC3O C3RULA E 21.31% AC3O O C3RCULA E cc / c %Lc 4 c (+Lc c $ c c 4 c ,Lc - 8 cc +Lc c $ c c- 8 c +"Lc -* c#c8c Lc c $ c c-* c#c 8c ,+Lc 8c c c +Lc c $ c c8c c +"Lc c 7 c c c Lc $' c $ c c7 c c ccc ,"Lc 7 c c 1 c#c

c %Lc $' c $ c c7 c c 1 c#c

c +Lc 1 c#c* c +Lc OAL AC3O O C3RCULA E 78.69% OAL AC3O 100.00% PAS3O A CORO PLAO cc c +"Lc c c %Lc c* c +Lc !&cc 1 c , +Lc /cc 1 c ,+Lc & c* cc c ,%Lc OAL PAS3O A CORO PLAO 10.04% PAS3O A LARGO PLAO cc c: cc +(Lc =* 1 cc c Lc & c* cc c ,,(Lc OAL PAS3O A LARGO PLAO 34.44% OAL PAS3O 44.49% CAP3AL CO ABLE cc CAP3AL CO R3BU3DO cc c c Lc c c4 c $ c c ccc +Lc

2011 ,Lc "%Lc +,,Lc ,,,Lc +Lc ,,,Lc ,,Lc ,,%Lc 79.11% cc Lc "Lc +"Lc "Lc ,"+Lc ,"(Lc ,+Lc ++Lc ,(Lc ,"Lc ,,Lc ,Lc (Lc ,"Lc 20.89% 100.00% cc + Lc ,,,Lc ,,,Lc (Lc (Lc ,,Lc 19.62% cc %Lc "(Lc ,,,Lc 9.53% 29.15% cc cc ( (Lc ,,,Lc

-c c


29.46% 28.58% cc cc ,+Lc %+Lc ,Lc , Lc ,,,Lc ,,%Lc ("Lc ","Lc 26.06% 42.27% 55.51% 70.85% 100.00% 100.00%

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EJERC3CO

o. 05 / =c c&D/ =c ? c c c c c c c 7 c7 c 7 c c c 7 c c $ c = c1 c = c c &!c 7 c4 c c4 c c c c$ c !$ c c c c c c

c c c c Gc,>,,,c ccccc >,,,c Gccc>,,,c cccccccc,,cc c Gccc>,,,c cccccccc,,cc c c c

Gc,,>,,,c ccccc,>,,,c ccccc",>,,,c c c ccccc >,,,cccc c cccccccccc(,,cc c c cccccccccc%,,c Gccc >,,c ccccc> ,c Gccc> %,c c

c c c c c c c c c c c c c c c -Îc c

!

/ =c c&D/ =c ? c c c c c c c 7 c7 c 7 c c c 7 c c $ c = c1 c = c c &!c 7 c4 c c4 c c c c$ c !$ c c c c c c

c c c c ,Lc Lc Lc ,Lc c Lc ,Lc c c c

,,Lc ,Lc ",Lc c c Lc c ,(Lc c c ,%Lc Lc Lc %Lc

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c c c

c c c c c c c [ c c

EJERC3CO

o. 06 / =c c&D/ =c

? c c 9
c c c c G,,>,,,c cccccc>,,,c c c c c c c c c c c c c c

c c c Gcc,>,,,c c c cccc++>,,,c G,+>,,,c cccccc%>,,,c c c c c c c c c c c

Gc,,>,,,c ccccccc >,,,c c c c c c c c c c c Gcccc,>,,,c cccc,>,,,c c c c c c

c c Gc+ >,,,c c c c c c c ccc,>,,,cccccc Gc+>,,,ccc c c ccc ,>,,,c c Gccccc>,,,c ccc>,,,c ccccc>,,c Gc,,>(,,c

[Gc c

!

/ =c c&D/ =c ? c c 9
c c c c Lc , Lc c c c c c c c c c c c c c

c c c Lc c c % Lc % Lc % Lc c c c c c c c c c c

,,Lc Lc c c c c c c c c c c Lc ,Lc c c c c c

c c +(%Lc c c c c c c ,Lc % Lc c c % ,Lc c , Lc "Lc ,(,Lc ,Lc

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#$ EJERC3CO

o. 01 La 3lusión, S.A. de C.. Balances comparativos AC3O C3RCULA E 6 c c ! c$ c c ! c c c c & c 1 cc c 1 c#c* c otal Activo Circulantec O C3RCULA E / c 4 c c $ c c 4 c - 8 c c $ c c- 8 c -* c#c8c c4 c c $ c c-* c#c 8c c4 c 8c c c c $ c c8c c c : c c c $' c $ c c : c c c c $' c $ c c c - c1 c $' c $ c c$ c 1 c OAL o Circulantec OAL AC3Oc PAS3O A CORO PLAO c c c !&cc 1 c /cc 1 c c* c c c c OAL PAS3O A CORO PLAOc A LARGO PLAO c: c =* 1 cc c OAL PAS3O A LARGO PLAOc OAL PAS3Oc CAP3AL CO ABLE

2009c 2010c G,,>,,,c G >,,, ,>,,,c +,>,,, % >,,,c ,,>,,,c ,,>,,,c %,>,,,c (,>,,,c %">,,,c ,>,,,c >,,,c >,,,c >,,,c ">,,,c ,>,,,c $1´236,000c $1´427,000c c c ,,>,,,c ,>,,,c ,,>,,,c "",>,,,c 9,,>,,,,,,,,,c % >,,,c 9(,>,,,,,,,,,c +>,,,c 9>,,,,,,< c >,,,c ,%>,,,c 9 >,,,,,,,,,ccccc ,,>,,,c 9,>,,,,,,,,,ccccc ,>,,,c 9%,>,,,,,,,,,ccc ,>,,, 9 >,,,,,,,,,ccccc %(>,,, ,>,,,ccccc (,>,,,c >,,,ccccc % >,,,c ,,>,,,ccccc ,>,,,c ,,>,,,ccccc ,c ,>,,,ccccc ,,>,,,c $1´215,000 $943,000 c c ,,>,,,ccccc %,,>,,,c ,,>,,,ccccc ,,>,,,c $800,000 $1´000,000c $2´015,000 $1´943,000c c

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! La 3lusión, S.A. de C.. Balances comparativos AC3O C3RCULA E 6 c c ! c$ c c ! c c c c & c 1 cc c 1 c#c* c otal Activo Circulantec O C3RCULA E / c 4 c c $ c c 4 c - 8 c c $ c c- 8 c -* c#c8c c4 c c $ c c-* c#c 8c c4 c 8c c c c $ c c8c c c : c c c $' c $ c c : c c c c $' c $ c c c - c1 c $' c $ c c$ c 1 c OAL o Circulantec OAL AC3Oc PAS3O A CORO PLAO c c c !&cc 1 c /cc 1 c c* c c c c OAL PAS3O A CORO PLAOc A LARGO PLAO c: c =* 1 cc c OAL PAS3O A LARGO PLAOc OAL PAS3Oc CAP3AL CO ABLE c c c c4 c $ c c c OAL CAP3AL CO R3BU3DOSc

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Gc,,>,,,,,c ccccccc(>,,,,,c Gc+>,,,,,c ccc,,>,,,,,ccccc Gc+>,,,,,ccc c c ( >,,,,,c "> ,,c G+,,c cccccccccG,,c $ 583.00

c ccc c c c c c c $2c ! c c $ cc 9
c G((>+,,,,c >(,,,,c c c c

c c c c c c

Gcc">,,,,,c c c cccc+ >,,,,,c >,,,,,c G,,>,,,,,c

c c c c c c c ÎÑc c

EL OPORU O, SA DE C Estado de Resultados del 1er de Enero al 31 de Diciembre del 2011 ? c c 9

c c c c c Gcccc>(+%,,c cccc+>,%,,c c c c c c


Gc >,,,,,c cccccc,>,,,,c Gc>(,,,,c ccc%>",,,,ccccc Gc%,>,,,,ccc c c >,,,c >(,,,,c G >+",,c ccccccG(>%,,,,c $ 26,496.00

c G((>+,,,,c >(,,,,c c c c

c c c c c c

Gcc>,,,,,c c c cccc(>,,,,c ,> ,,,,c G%>",,,,c


Îèc c

! El oportuno, S.A. de C.. Balance General al 31 de Diciembre del (Miles de pesos) AC3O C3RCULA E 2010 6 c G,c c >,,c c >%,,c c c ,,c ! c >,,,c B c ",c & c 1 cc c ,c 1 c#c* c ,c OAL AC3O C3RULA E $4,340 AC3O O C3RCULA E c / c (+,c 4 c >,,,c c $ c c 4 c 9>,(,,,,c c $ c c- 8 c 9,,,,,c c $ c c8c c 9,,
c > ,,c $' c $ c c7 c c 9>,,,


Î-c c


$6,000 c > ,,c c ,c (c $5,308 $11,308 $20,370

$21,000 c > c c ,c ">+"c $31,054 $52,054 $73,470

c EL OPORU O, SA DE C Estado de Resultados del 1er de Enero al 31 de Diciembre del 2010 ? c c 9

c c c c c Gcccc ,>,,,,,c cccc >,,,,,c c c c c c


Gc,,>,,,,,c ccccccc(>,,,,,c Gc+>,,,,,c ccc,,>,,,,,ccccc Gc+>,,,,,ccc c c ( >,,,,,c "> ,,c G+,,c cccccccccG,,c $ 583.00

c G((>+,,,,c >(,,,,c c c c

c c c c c c

Gcc">,,,,,c c c cccc+ >,,,,,c >,,,,,c G,,>,,,,,c

c c c c c c c Î[c c

EL OPORU O, SA DE C Estado de Resultados del 1er de Enero al 31 de Diciembre del 2011 ? c c 9

c c c c c Gcccc>(+%,,c cccc+>,%,,c c c c c c


Gc >,,,,,c cccccc,>,,,,c Gc>(,,,,c ccc%>",,,,ccccc Gc%,>,,,,ccc c c >,,,c >(,,,,c G >+",,c ccccccG(>%,,,,c $ 26,496.00

c G((>+,,,,c >(,,,,c c c c

c c c c c c

Gcc>,,,,,c c c cccc(>,,,,c ,> ,,,,c G%>",,,,c

c ' 2c c c c c

* c c@ c & 'c c & 'c c c c & ' c c c c

c c Ec#c$ c c c c c E c,,c#c,c c

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%( $ % % &% & &


c c Îrc c

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' ( $ - & % % & &


c c cccccccccccccccccccccccccccccccccc,,c #

#

% &

Por cada peso de P.C., la empresa cuenta con $2.12 de activo circulante.c

,c #

#

' % &

Por cada peso de P.C., la empresa cuenta con $4.03 de activo circulante.c

c c& 'c c c ccccccccccc ccccccccccccccccccc,,c * * , & w ,. ,/ %- El 44.49% de los activos totales son financiados por los pasivos totales. w

ccccccccccccccccccc,c * * & w ,. , / -% - El 29.14% de los activos totales son financiados por los pasivos totales. w

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Z 234424


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SER3ES DE 3EMPO cc

Año Prueba del Ácido Razón del Circulante Razón de la Deuda Rotación de 3nventarios Edad Promedio del 3nventario Rotación de Clientes Plazo Promedio de Cobro Rotación de Proveedores Plazo Promedio de Pago Rotación de Activo otal

2010

2011

Dictamen

"c ,c c c,c c$ cc$ #c 8 'c c ,c c c,c c$ cc$ # c c +Lc +Lc c c,,c c$ cc$ #c $c ,,c (c D c$ cc$ #c c c cc c,,c "c (c c c,c c c$ c$ #c$cc c $ .c +c c % ,c c +c

%"c D c$ cc$ #c c c c c c cc c,,c %(c D c$ c c$ cc* c c cc c,c ,"c D c$ cc$ #c c c c cc cc c ,,c % c D c$ c 1 c$ cc$ c c c cc c,c +"c D c$ cc$ #c c c c c cc c,,c

c c

3ntegrantes: c c) c 7' 'c #c! cF '$Bcc !E1'c

cD c &: cK$

c * c

c c c c c c c c G c

c

EJERC3CO o. 10c

c c#+c", ,cc,!,c #cc #cc*(,cc cc-*cc%& cc'(*(,c c c cGÑ c c c c#(c [ ) c) (c G cc c c c c cccc GÑ c (c Ñ c (c c c-Ñ c c c#+c", ,cc,!,c %c c c-*cc%& cc'(*(,c # c c c D c c cc c c (c ' ccc c x c (c ) c c c !c !D(c ' c c c c' c (c c (c c c$c c %c !c'D !c/c'c!#(c c c

c c c c

c c c

G[ c è[ c è c Ñ c Ñ c Ñ c . c G- c

Ñ c G c

G[ c Ñ c

'+*.(+(((,((c c c c

c c c c c G Gc c

!

c#+c", ,cc,!,c #cc #cc*(,cc cc-*cc%& cc'(*(,c c c cGÑ c c c c#(c [ ) c) (c G cc c c c c cccc GÑ c (c Ñ c (c c c-Ñ c c c#+c", ,cc,!,c %c c c-*cc%& cc'(*(,c # c c c D c c cc c c (c ' ccc c x c (c ) c c c !c !D(c ' c c c c' c (c c (c c c$c c %c !c'D !c/c'c!#(c c c

c c c c

c c c

G[ c è[ c è c Ñ c Ñ c Ñ c . c G- c

Ñ c G c

G[ c Ñ c

'+*.(+(((,((c c c c

&c cc ccG[ c c cccccccccccc'ccccccè

c[c c c

c c c c'cc c c c[cc c

' c c c$. %c Ñ c0cè c c c 'c c è c ccc c c c c c c 1 c ccccccc Ñ c c ccccc'cccccccè

c[Ñ cGècccc c c c c'ccc cccè ccccccc c c cGèc c c c c c c

cÑèc c c c c'cc c c cÑècc c c cc G Ñc

c

c c ccc[Ñ c c c ccc'ccccè &c cc c'cccè c c ccccccccccccccÑcGr

cGèc c c

c c c c'cc c c cGècc cc

cccGè c2cG ccGè ,c c c c c

& cx c c c c cccc c c ccccccc c cx cccè

ccÑèèc c c c

cGè ,c c cc cc c c c'c c c c c c Ñèèc cc3 c

'cèr c4 ccèr ccccG[-[c4 c cccccc cx cccÑèèc c c

c 4c cG[-[c4 c c c 5c c cc c

& cx c c cc 5 ccc cccccccccccccccccccccccccccD c cx c c

GcÑ cccè[

''ccccèr c4 ccccccccèr cG -Îrc4 c c cccccccc& c c ccccè-èc c c & c c c c c

c

ccè-è c c c c cè-ècc c cc3 cc c c c

c cc c cc c c cc G -Îrc4 c

cc c ccccccc-Ñ

c cx c ccÑ

'''cèr c4 ccèr ccGG-èc4 c cccccc c c ccÑGc c c #cccc[ c c ccccGcÑ

cÑGc c c c cÑGcc cccc cc3 c c c c c

c cc c cc c 4 c

c cGG-ècc

ccc-Grrc2cG c-Grrc,c c c c c c c c cc cc c c cccccc cc c cc c-Grr,c

!c ccc- cccèèèèc2cG c ccccGcÑ c c

ccèèèè,c c c c c c c c c ccc c c cc c cèèèè,c

c c cccÑ ccccÑèèèc2cG ccÑèèè,c cccccccccc c ccGcÑ c c c c &!c c6c$Gc0c c c %cccc- c c c ÑcGr c c

c c c c c cD c ccc c cÑèèè,c

c6c$G.è %ccccÑ cGÑÎrc2cG cGÑÎr,c ÑcGr cccccccccÑcGr c

x c c c c cc c c ccc cGÑÎr,c c c c cc 5 c c c c &c c/c$Gc0c c %ccÑ c/c ccÑ cGÑÎrc2cG cGÑÎr,c c c c ccccccccÑcGr cccccccccÑcGr c c c cc ccGÑÎr,c c c c c c &cc ccccÑ cccc c ccGc[

cGÑc2cG ccGÑ,c ccc c c c

c c c c c c cc ccGÑ,c cc c

c c

G èc c

%/cc% #c# $ c0 %1 234c cc# #%/c 5c'(*(c x c ' c c c 1 c c c c c c c &c cc c & ccx c c 'c & c c c ''c & c c c '''c #c !c c &!c &c &c

#%c

,c#c" c

èGc -èc ÑÎc G c

[c Gèc Ñèc Gèc

è ,c Ñ c c Ñ[c4 c -èc c - c4 c rc c r c4 c [è,c - ,c è ,c [Ñ,c è ,c r,c

Gè ,c Ñèèc c G[-[c4 c è-èc c G -Îrc4 c ÑG c c G-èc4 c -Grr,c èèèè,c Ñèèè,c Î ,c GÑÎr,c GÑ,c

ù& $%c c c c c c c c c c c c c c c c c c c c 7c c c c c c cc c c c c c c c c c c c c c c c c c c c 4c c c 5cc c c c c c c c c c c c c cc c c c c c c c c c c c c c ccc c c c c c c c cc c c c c c cc c c c c cc 5 c c c c c c c c c c c c c c c c c c c c c c cc c c c c ccc' c cc

c

3ntegrantes: c c) c 7$'c1c ' *:c 7' 'c #c! cF '$Bcc !E1'c

cD c c c c c c c c G -c c

EJERC3CO o. 11 c cMc> ,,c c cc 'cMc>,,c / c4 cMc,Lc

c$HcMcNOc c c6cMc>(+,c c cMcNOc ? c) cMc >,,,c cc cMc>",,c c c 1c 'cMc>,,,c !!cMc>%,,c 7 c cMc>,,,c c $ c c&=>c&/c#c&c c c c c c c c c c c c c c c c c c G [c c

!

c cMc> ,,c c cc 'cMc>,,c / c4 cMc,Lc

c$HcMcNOc c c6cMc>(+,c c cMcNOcMc>(+,c ? c) cMc >,,,c cc cMc>",,c c c 1c 'cMc>,,,c !!cMc>%,,c 7 c cMc>,,,c c $ c c&=>c&/c#c&c c !!c 7 c4 c c c c c c c c c c c

c>%,,c >,,,c >%,,cc0c,cMc(,c c >%,,c (,c >(+,c c c c c c


cc )c /c c c Dc /c c /c /c c c6c c

ccc> ,,c Pc>",,c ccc(>,,c c ccc>,,c Pc>,,,c ccc>,,c c c(>,,c >,,c >(+,c cc>,,c

&!c c6c$Gc0c c c %ccccè c6c$G.è %ccccccccÑ[Î ccccccccccèGÎc2cG c c c c cccccc G ccccccccccccccccccc G c

cèGÎ,c

c

x c c c c cc c c ccc cèGÎ,c c c c cc 5 c c c c &c c/c) cc$Gc0c c %cccG Î c/cG c6$Gc.è %ccÑ Î c6 cÑ-Îc2cG cÑ-Î,c c ccccccccccccccc c c cccccccccccccccccccccccc G cccccccccccccccccccccccccccccc G c c c cc ccÑ-Î,c c c c c c &cc ccccG Î crÑÎc2cG cccc c ccccè G ccc c

ccrÑÎ,c c c

c c c c c c cc ccrÑÎ,c cc c

G rc c

3ntegrantes: c c) c 7' 'c #c! cF '$Bcc c c c c c c c c c c c c c c c c c c c c c c G c c

EJERC3CO o. 12

? c (>,,,c $ c c ",>,,,c c9 ,,,c c94 ,,,c = c1 cc ,>,,,c / c4 cc ,Lc 1 c c >,,,c 7 c1 c (,>,,,c ! c c ,>,,,c ! c4 cc (>,,,c 4c >,,,c cc 1 c >,,,c c c c cc c * 6c & 'c c c * c c !cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc! c#c c -c & c c cc* c c & c c c c c c c c c c c c c c c G c c

!c

? c (>,,,c $ c c ",>,,,c c9 ,,,c c94 ,,,c = c1 cc ,>,,,c / c4 cc ,Lc 1 c c >,,,c 7 c1 c (,>,,,c ! c c ,>,,,c ! c4 cc (>,,,c 4c >,,,c cc 1 c >,,,c c cc c * 6c & 'c c c * c c !cccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc! c#c c -c & c c cc* c c & c c c c c c Mc">,,,c Mccc >,,,cccccc!c! ccccccc$ c cccccccccc!c c c c cMc,>,,,cccccPccccccc",>,,,cccccccccSccccccc(>,,,cccMc>,,,c 1. # # # # # # %& ( ' La empresa cuenta con suficiente Activo circulante para cubrir sus deudas a corto plazo, y le sobra $ 84,000.00.

#

%& & Por cada peso de P.C., la empresa cuenta con $2.62 de activo circulante.

#

o!" # $

%& ( ' $ '' &, ' Por cada peso de P.C., la empresa cuenta con $1.69 de activo líquido.

4. Z 23425429

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]s]___ qr___

A;<544c G Îc

c

D c$ c c c c c",c c c Ec 5. 3389 43 3425429

q^_VBRS {XQRTWPVOWPNOPQRUWXS

q^_ ^]_

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La mercancía permanece 58.06 días en el almacén antes de venderse.

6. 9K4234L339L 9K4234L339L 7. Z 234424

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saq___o]s]___ saq___

c

;=I|<<< <=H>HMI<< =H>H/c =>:<<<


saq___ qa\__

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D c$ c c c >c c c c c c Ec 8. 89 43 34 9

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q^_ n]\s

;>J<3Bc

D c$ c cc* c c c c c(%,c B c c 3ntegrantes: 7' 'c #c! cF '$Bcc c c c c c c c c c c c c c c GG c c

EJERC3CO o. 13

c$ cc c c c. c c ,,>,,,c ccccccccccccccccccccccccccccccccccccccccccccccccPcccccccccccccccccccccccccccccPc - 1ccMc,L>c cccccccc,>,,,>c ccccccc >,,,>c c! cMc,>,,,c#c c4cMc >,,,c c N c *c c c! c$ >c c c c c c c Oc c Nc c B c *c* c c c c. >c c cc c$0$c c,>,,,Oc

c c c c c c c c c c c c c c c c c c c c GGGc c

!c

c$ cc c c c. c c ,,>,,,c ccccccccccccccccccccccccccccccccccccccccccccccccPcccccccccccccccccccccccccccccPc - 1ccMc,L>c cccccccc,>,,,>c ccccccc >,,,>c c! cMc,>,,,c#c c4cMc >,,,c c N c *c c c! c$ >c c c c c c c Oc c 34542 Z 23425429 c #25429 89 43 c :@<<<< c @ } c :@<<<< #25429 89 43 J<<<c c cc c$0$c c,>,,,Oc c

@<<<<< I:>>>Hc :A<

I<<<< JIH3c I:>>>H

c 3ntegrantes: 7' 'c #c! cF '$Bcc c c c c c c c c c c GGÑc c

EJERC3CO o. 14 Empresa A SA de C c7 >c cc c $*c c,,c cc /!?=c!&D)/c 4c c ! c /=/Dc/!?=c!&D)/c c)c c)c c c c c c ccc/=/Dc/!?=c

c

c !?=cc=&/=cDQ=c c c c /=/Dc!?=cc=&/=cDQ=c ccD 1c 'c c $ cc 1 cDc c / c c c c * c c c* c c c c c c7 c c c c c /=/Dc!?=c-c!/Dc=)/Dc

c c c c c c c c ,,>,,,c c ,,>,,,c c

c c c" cc!c #cc #cc*6cc cc-*cc%& cc'(*(,c c c GGÑ[ c c c c c c#(c cccccccccccc ) c) (c c c c c$ %c c ) c c c c c c c c c cccc c c c c

c c / c!&c,Lc c D c cc* c cc c,,cB cc c cG >,,,c#c* c cc Ec c",c B c c cc$ c c,c B c c c*c c c c

c c c c,,c c c$ 1c c c* c4c c,Lc *c c cc c,,c c c c c4c cG%> ,,>c#c c c c c c c Ec c,,c 4c c cc c c c c c4 c c,,c * c c ,Lc c c c c * c "c D c1 c1 cB cc 6c1 c c"Lc %c D c $ cc 1 c c 1c 'c * cc $c c4 c cc

c c >c 1 c. c c c c Lc cD c c4c * c%c cc c c c cc (c D c* c c cc 'c c 8 'c 6c c 'c c% c

c

GGèc c

! Empresa A SA de C c7 >c cc c $*c c,,c cc

/!?=c!&D)/c 4c c ! c /=/Dc/!?=c!&D)/c c)c c)c c c c c c /=/Dc/!?=c

c "> ,,,,c >,,,,,c " > ,,,,c ,>,,,,,c ,,>,,,,,c c c c c c % ,>,,,,,c

!?=cc=&/=cDQ=c c /=/Dc!?=cc=&/=cDQ=c ccD 1c 'c $ cc 1 cDc / c c c * c c* c c c c7 c c c /=/Dc!?=c-c!/Dc=)/Dc

,>,,,,,c ,>,,,,,c c c ,,>,,,,,c ,>,,,,,c c c ,,>,,,c c ,,>,,,c % ,>,,,,,c

c c c" cc!c #cc #cc*6cc cc-*cc%& cc'(*(,c c c cccccccccccGGÑ[ c c c c cccccccccccccc [ c c#(c cccccccccccccccèè[ c ) c) (c r[ c c c c$ %c Ñ c ) c c G c c c c c c Ñr c cccc c c c G Ñ c

c c / c!&c,Lc c D c cc* c cc c,,cB cc c cG >,,,c#c* c cc Ec c",c B c c cc$ c c,c B c c c*c c c c

c c c c,,c c c$ 1c c c* c4c c,Lc *c c cc c,,c c c c c4c cG%> ,,>c#c c c c c c c Ec c,,c 4c c cc c c c c c4 c c,,c * c c ,Lc c c c c * c "c D c1 c1 cB cc 6c1 c c"Lc %c D c $ cc 1 c c 1c 'c * cc $c c4 c cc

c c >c 1 c. c c c c Lc cD c c4c * c%c cc c c c cc (c D c* c c cc 'c c 8 'c 6c c 'c c% c 3ntegrantes: 7' 'c #c! cF '$Bcc

GG-c c

#$ " EJERC3CO o. 1

c c c $ c c 'c$ >c$ c#c$ cc c cB c c c c c $ c c c 1 c 2c Año ,,"c ,,%c ,,(c ,,+c ,,c

Índice de Solvencia ,(c ,"c c ,+c c

c c c c c c c c c c c c c c c c c c c GG[c c

!

c c $ c c 'c$ >c$ c#c$ cc c cB c c c c c $ c c c 1 c 2c Año ,,"c ,,%c ,,(c ,,+c ,,c

Índice de Solvencia ,(c ,"c c ,+c c

c ccc,"c ccc,(ccccccccccccccccccccccccccccccccccccccccccccccccc- cMc,c ccc,+ccccccccccccccccccccccccccccccccccccccccccccccccc- Mcc: #c$ c cccccccccccccccccccccccccccccccccccccccccccccccccccc- cMc,+c cccc

, ,cc cMc,c c

c 3ntegrantes: 7' 'c #c! cF '$Bcc c c c c c c c c c c c c GGrc c

EJERC3CO o. 2

c c c $ c c 'c$ >c$ c#c$ cc c cB c c c c c $ c c c 1 c 2c Año ,, c ,,"c ,,%c ,,(c ,,+c ,,c ,c ,c

Índice de Solvencia ,c ,+c ,c ,c +(c ,c ,c ,c

c

c c c c c c c c c c c c c c c c c GGc c

!

c c $ c c 'c$ >c$ c#c$ cc c cB c c c c c $ c c c 1 c 2c Año ,, c ,,"c ,,%c ,,(c ,,+c ,,c ,c ,c

Índice de Solvencia ,c ,+c ,c ,c +(c ,c ,c ,c

cc,c cc,c cc,+ccccccccccccccccccccccccccccccccccccccccccccccc- cMc+%c cc+(ccccccccccccccccccccccccccccccccccccccccccccccc- cMc,c cc,ccccccccccccccccccccccccccccccccccccccccccccccc- cMc++c cc,c cc,cccccccccccccccccccccccccccccccccccccccc+(cPc,cMc++cccMc++c cc,cccccccccccccccccccccccccccccccccccccccccccc %(cc(cMc+%cc

c 3ntegrantes: 7' 'c #c! cF '$Bcc c c c c c c c c c c c c c c c c c GG c c

% & EJERC3CO o. 1

CL3E ES

cccccccccc# c

Año

alor Absoluto

,,,c ,,c ,,c ,,c ,,c ,, c ,,"c ,,%c ,,(c ,,+c ,,c ,c

>,,>,,,c > ,>,,,c >,,>,,,c >( ,>,,,c >+,,>,,,c >% ,>,,,c >+,>,,,c >%,>,,,c >,>,,,c >>,,,c >(%">,,,c >,>,,,c

c c c c c c c c c c c c c c c c c c c c c c c GGÎc c

!

CL3E ES

cccccccccc# c

Año

alor Absoluto

alor Relativa

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EXPOS3C3O ES DE LOS EQU3POS

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Equipo 1 Áreas Productivas en las cuales Müxico sobre sale y sus principales competidores Equipo 2 El valor del dinero en el tiempo, aplicaciones a inversiones y proyectosc Equipo 3 Fuentes de financiamiento para PYMES

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