**Exhibit 7**

 

**GIMSA, S.A. DE C.V. AND SUBSIDIARIES**

**Computation of ratio ofearnings to fixed charges**

**(Thousands of pesos ofpurchasing power as of December 31,2003)**

 
|                                          |        | **Mexican  GAAP**                 |       | **US GAAP**                       |       |
|-----------------------------------------------|-------------|-----------------------------------|------------|-----------------------------------|------------|
|                                          |        | **Year ended  December 31,** |       | **Year ended  December 31,** |       |
|                                          |        | **1999**                          |       | **2000**                          |       | **2001** |   | **2002** |   | **2003** |   | **1999** |   | **2000** |   | **2001** |   | **2002** |   | **2003** |   |
|                                          |        |                              | ** ** |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Income before income tax and  other items** |        | **539,922**                       | ** ** | **624,341**                       | ** ** | **583,295** | ** ** | **492,932** | ** ** | **397,071** | ** ** | **515,118** | ** ** | **588,623** | ** ** | **533,345** | ** ** | **438,421** | ** ** | **363,872** | ** ** |
|                                          |        |                              | ** ** |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Add:**                                      |        |                              | ** ** |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Interest expense**                          |        | **54,155**                        | ** ** | **27,601**                        | ** ** | **24,230** | ** ** | **13,018** | ** ** | **7,014** | ** ** | **54,155** | ** ** | **27,601** | ** ** | **24,230** | ** ** | **13,018** | ** ** | **7,014** | ** ** |
| **One-third of operating rental  expense**    |        | **18,996**                        | ** ** | **19,016**                        | ** ** | **11,009** | ** ** | **12,963** | ** ** | **8,067** | ** ** | **18,996** | ** ** | **19,016** | ** ** | **11,009** | ** ** | **12,963** | ** ** | **8,067** | ** ** |
| **Earnings**                                  | **(b)**     | **613,073**                       | ** ** | **670,958**                       | ** ** | **618,533** | ** ** | **518,913** | ** ** | **412,152** | ** ** | **588,270** | ** ** | **635,240** | ** ** | **568,583** | ** ** | **464,402** | ** ** | **378,953** | ** ** |
|                                          |        |                              | ** ** |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Fixed charges**                             |        |                              | ** ** |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Interest expense**                          |        | **54,155**                        | ** ** | **27,601**                        | ** ** | **24,230** | ** ** | **13,018** | ** ** | **7,014** | ** ** | **54,155** | ** ** | **27,601** |   | **24,230** | ** ** | **13,018** | ** ** | **7,014** | ** ** |
| **One-third of operating rental  expense**    |        | **18,996**                        | ** ** | **19,016**                        | ** ** | **11,009** | ** ** | **12,963** | ** ** | **8,067** | ** ** | **18,996** | ** ** | **19,016** |   | **11,009** | ** ** | **12,963** | ** ** | **8,067** | ** ** |
| **Total Fixed charges**                       | **(a)**     | **73,151**                        | ** ** | **46,617**                        | ** ** | **35,238** | ** ** | **25,981** | ** ** | **15,081** | ** ** | **73,151** | ** ** | **46,617** | ** ** | **35,238** | ** ** | **25,981** | ** ** | **15,081** | ** ** |
|                                          |        |                              | ** ** |                              | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Ratio of earnings to fixed  charges**       | **(b)/(a)** | **8.38**                          | ** ** | **14.39**                         | ** ** | **17.55** | ** ** | **19.97** | ** ** | **27.33** | ** ** | **8.04** | ** ** | **13.63** | ** ** | **16.14** | ** ** | **17.87** | ** ** | **25.13** | ** ** |

 

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