##### 



Exhibit 7

GIMSA, S.A. DE C.V. AND SUBSIDIARIES
Computation of ratio of earnings to fixed charges
(Thousands of pesos of purchasing power as of December 31, 2002)



|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         |  |        |  | 
|---------------------------------------- | ------- | ------------------------------------- | --------- | ----------------------- | ------ | ---- | ------- | ---- | ------ | ---- | ------- | ---- | ------ |  | ------- |  | ------ |  | ------- |  | ------ |  | 
|                                         |         |                                       |           | Mexican GAAP           
|                                         |         |                                       |           | Year ended December 31,
|                                         |         |                                       |           |                        
|                                         |         |                                       |           | 1998                    |        | 1999 |         | 2000 |        | 2001 |         | 2002
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |     
|Income before income tax and other items |         |                                       | 994,213   |                         |        |      | 519,273 |      |        |      | 600,463 |      |        |  | 560,990 |  |        |  | 474,080 | 
|Add:                                     |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         | 
|                                         |         | Interest expense                      |           |                         | 32,118 |      |         |      | 52,084 |      |         |      | 26,546 |  |         |  | 23,303 |  |         |  | 12,521 | 
|                                         |         | One-third of operating rental expense |           |                         | 3,703  |      |         |      | 18,270 |      |         |      | 18,289 |  |         |  | 10,588 |  |         |  | 12,468 | 
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         |  |       
|Earnings                                 | (b)     |                                       | 1,030,034 |                         |        |      | 589,627 |      |        |      | 645,298 |      |        |  | 594,881 |  |        |  | 499,069 | 
|Fixed charges                            |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         | 
|                                         |         | Interest expense                      |           |                         | 32,118 |      |         |      | 52,084 |      |         |      | 26,546 |  |         |  | 23,303 |  |         |  | 12,521 | 
|                                         |         | Capitalized Interest                  |           |                         | 13,021 |      |         |      |       |      |         |      |       |  |         |  |       |  |         |  |       | 
|                                         |         | One-third of operating rental expense |           |                         | 3,703  |      |         |      | 18,270 |      |         |      | 18,289 |  |         |  | 10,588 |  |         |  | 12,468 | 
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         |  |       
|Total Fixed charges                      | (a)     |                                       | 48,842    |                         |        |      | 70,354  |      |        |      | 44,835  |      |        |  | 33,891  |  |        |  | 24,989  | 
|Ratio of earnings to fixed charges       | (b)/(a) |                                       | 21.09     |                         |        |      | 8.38    |      |        |      | 14.39   |      |        |  | 17.55   |  |        |  | 19.97   | 
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         | 

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         |  |        |  | 
|---------------------------------------- | ------- | ------------------------------------- | --------- | ----------------------- | ------ | ---- | ------- | ---- | ------ | ---- | ------- | ---- | ------ |  | ------- |  | ------ |  | ------- |  | ------ |  | 
|                                         |         |                                       |           | US GAAP                
|                                         |         |                                       |           | Year ended December 31,
|                                         |         |                                       |           |                        
|                                         |         |                                       |           | 1998                    |        | 1999 |         | 2000 |        | 2001 |         | 2002
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |     
|Income before income tax and other items |         |                                       | 994,470   |                         |        |      | 495,418 |      |        |      | 566,125 |      |        |  | 512,952 |  |        |  | 421,655 | 
|Add:                                     |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         | 
|                                         |         | Interest expense                      |           |                         | 32,118 |      |         |      | 52,084 |      |         |      | 26,546 |  |         |  | 23,303 |  |         |  | 12,521 | 
|                                         |         | One-third of operating rental expense |           |                         | 3,703  |      |         |      | 18,270 |      |         |      | 18,289 |  |         |  | 10,588 |  |         |  | 12,468 | 
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         |  |       
|Earnings                                 | (b)     |                                       | 1,030,291 |                         |        |      | 565,772 |      |        |      | 610,960 |      |        |  | 546,843 |  |        |  | 446,644 | 
|Fixed charges                            |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         | 
|                                         |         | Interest expense                      |           |                         | 32,118 |      |         |      | 52,084 |      |         |      | 26,546 |  |         |  | 23,303 |  |         |  | 12,521 | 
|                                         |         | Capitalized Interest                  |           |                         | 10,037 |      |         |      |       |      |         |      |       |  |         |  |       |  |         |  |       | 
|                                         |         | One-third of operating rental expense |           |                         | 3,703  |      |         |      | 18,270 |      |         |      | 18,289 |  |         |  | 10,588 |  |         |  | 12,468 | 
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         |  |       
|Total Fixed charges                      | (a)     |                                       | 45,858    |                         |        |      | 70,354  |      |        |      | 44,835  |      |        |  | 33,891  |  |        |  | 24,989  | 
|Ratio of earnings to fixed charges       | (b)/(a) |                                       | 22.47     |                         |        |      | 8.04    |      |        |      | 13.63   |      |        |  | 16.14   |  |        |  | 17.87   | 
|                                         |         |                                       |           |                         |        |      |         |      |        |      |         |      |        |  |         |  |        |  |         |