**Exhibit 7**

 

**GRUMA, S.A. DE C.V. ANDSUBSIDIARIES**

**Computation of ratio of earningsto fixed charges**

**(Thousands of pesos of purchasingpower as of December 31,2003)**

 
|                                         |        | **Mexican  GAAP  Year ended December 31,** |       | **US GAAP  Year ended December 31,** |       |
|----------------------------------------------|-------------|-------------------------------------------------|------------|-------------------------------------------|------------|
|                                         |        | **1999**                                        |       | **2000**                                  |       | **2001** |   | **2002** |   | **2003** |   | **1999** |   | **2000** |   | **2001** |   | **2002** |   | **2003** |   |
|                                         |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Income before income tax and other items** |        | **1,484**                                       | ** ** | **426,303**                               | ** ** | **813,360** | ** ** | **1,079,292** | ** ** | **1,112,534** | ** ** | **(385,832** | **)** | **200,867** | ** ** | **769,062** | ** ** | **934,886** | ** ** | **1,305,771** | ** ** |
|                                         |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Add:**                                     |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Interest expense**                         |        | **765,274**                                     | ** ** | **908,699**                               | ** ** | **728,899** | ** ** | **610,566** | ** ** | **531,858** | ** ** | **793,142** | ** ** | **921,055** | ** ** | **710,061** | ** ** | **605,869** | ** ** | **548,864** | ** ** |
| **One-third of operating rental expense**    |        | **146,948**                                     | ** ** | **158,201**                               | ** ** | **136,814** | ** ** | **131,708** | ** ** | **120,386** | ** ** | **143,832** | ** ** | **155,044** | ** ** | **127,444** | ** ** | **124,313** | ** ** | **117,594** | ** ** |
|                                         |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Earnings**                                 | **(b)**     | **913,706**                                     | ** ** | **1,493,203**                             | ** ** | **1,679,073** | ** ** | **1,821,566** | ** ** | **1,764,778** | ** ** | **551,142** | ** ** | **1,276,966** | ** ** | **1,606,567** | ** ** | **1,665,068** | ** ** | **1,972,229** | ** ** |
|                                         |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Fixed charges**                            |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Interest expense**                         |        | **765,274**                                     | ** ** | **908,699**                               | ** ** | **728,899** | ** ** | **610,566** | ** ** | **531,858** | ** ** | **793,142** | ** ** | **921,055** | ** ** | **710,061** | ** ** | **605,869** | ** ** | **548,864** | ** ** |
| **Capitalized interest**                     |        | **7,638**                                       | ** ** | **6,651**                                 | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **7,513** | ** ** | **6,638** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** |
| **One-third of operating rental expense**    |        | **146,948**                                     | ** ** | **158,201**                               | ** ** | **136,814** | ** ** | **131,708** | ** ** | **120,386** | ** ** | **143,832** | ** ** | **155,044** | ** ** | **127,444** | ** ** | **124,313** | ** ** | **117,594** | ** ** |
|                                         |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Total Fixed charges**                      | **(a)**     | **919,860**                                     | ** ** | **1,073,551**                             | ** ** | **865,713** | ** ** | **742,274** | ** ** | **652,244** | ** ** | **944,487** | ** ** | **1,082,737** | ** ** | **837,505** | ** ** | **730,182** | ** ** | **666,458** | ** ** |
|                                         |        |                                            | ** ** |                                      | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Ratio of earnings to fixed charges**       | **(b)/(a)** | **0.99**                                        | ** ** | **1.39**                                  | ** ** | **1.94** | ** ** | **2.45** | ** ** | **2.71** | ** ** | **0.58** | ** ** | **1.18** | ** ** | **1.92** | ** ** | **2.28** | ** ** | **2.96** | ** ** |

 

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