Total préstamo 590,000.

00
plazo 6.00 años
TEA 12.0%
TEM 0.95% (1+i)^n=(1+iq)^iq---->(1+12%)^1=(1+iq)^12---->(1+12%)^(1/12)-1
n: 72.00
Portes 100.00
CRONOGRAMA FRANCÉS

Período Saldo inicial Intereses Cuota Amortización Portes

- 590,000.00
1 590,000.00 5,598.39 -S/ 19,424.03 -S/ 13,825.64 100.00
2 576,174.36 5,467.20 -S/ 19,424.03 -S/ 13,956.83 100.00
3 562,217.54 5,334.77 -S/ 19,424.03 -S/ 14,089.26 100.00
4 548,128.28 5,201.08 -S/ 19,424.03 -S/ 14,222.95 100.00
5 533,905.33 5,066.12 -S/ 19,424.03 -S/ 14,357.91 100.00
6 519,547.42 4,929.88 -S/ 19,424.03 -S/ 14,494.15 100.00
7 505,053.27 4,792.35 -S/ 19,424.03 -S/ 14,631.68 100.00
8 490,421.59 4,653.51 -S/ 19,424.03 -S/ 14,770.52 100.00
9 475,651.07 4,513.35 -S/ 19,424.03 -S/ 14,910.67 100.00
10 460,740.40 4,371.87 -S/ 19,424.03 -S/ 15,052.16 100.00
11 445,688.25 4,229.04 -S/ 19,424.03 -S/ 15,194.98 100.00
12 430,493.27 4,084.86 -S/ 19,424.03 -S/ 15,339.16 100.00
13 415,154.10 3,939.31 -S/ 19,424.03 -S/ 15,484.71 100.00
14 399,669.39 3,792.38 -S/ 19,424.03 -S/ 15,631.65 100.00
15 384,037.74 3,644.05 -S/ 19,424.03 -S/ 15,779.97 100.00
16 368,257.77 3,494.32 -S/ 19,424.03 -S/ 15,929.70 100.00
17 352,328.07 3,343.17 -S/ 19,424.03 -S/ 16,080.86 100.00
18 336,247.21 3,190.58 -S/ 19,424.03 -S/ 16,233.45 100.00
19 320,013.76 3,036.54 -S/ 19,424.03 -S/ 16,387.48 100.00
20 303,626.28 2,881.05 -S/ 19,424.03 -S/ 16,542.98 100.00
21 287,083.30 2,724.07 -S/ 19,424.03 -S/ 16,699.95 100.00
22 270,383.35 2,565.61 -S/ 19,424.03 -S/ 16,858.41 100.00
23 253,524.94 2,405.65 -S/ 19,424.03 -S/ 17,018.38 100.00
24 236,506.56 2,244.16 -S/ 19,424.03 -S/ 17,179.86 100.00
25 219,326.70 2,081.15 -S/ 19,424.03 -S/ 17,342.88 100.00
26 201,983.82 1,916.58 -S/ 19,424.03 -S/ 17,507.44 100.00
27 184,476.37 1,750.46 -S/ 19,424.03 -S/ 17,673.57 100.00
28 166,802.80 1,582.76 -S/ 19,424.03 -S/ 17,841.27 100.00
29 148,961.54 1,413.47 -S/ 19,424.03 -S/ 18,010.56 100.00
30 130,950.98 1,242.57 -S/ 19,424.03 -S/ 18,181.46 100.00
31 112,769.52 1,070.05 -S/ 19,424.03 -S/ 18,353.98 100.00
32 94,415.54 895.89 -S/ 19,424.03 -S/ 18,528.14 100.00
33 75,887.40 720.08 -S/ 19,424.03 -S/ 18,703.95 100.00
34 57,183.46 542.60 -S/ 19,424.03 -S/ 18,881.42 100.00
35 38,302.03 363.44 -S/ 19,424.03 -S/ 19,060.59 100.00
36 19,241.45 182.58 -S/ 19,424.03 -S/ 19,241.45 100.00
109,264.92 - 590,000.00
>(1+12%)^(1/12)-1 Cuota=amortización + interes

Saldo final Flujo de caja

EFI
590,000.00
576,174.36 19,524.03 1,651.52
562,217.54 19,524.03 1,612.82
548,128.28 19,524.03 1,573.76
533,905.33 19,524.03 1,534.32 Año Flujo Caja Interés EFI
519,547.42 19,524.03 1,494.50 1.00 234,288.31 58,242.41 17,181.51
505,053.27 19,524.03 1,454.31 2.00 234,288.31 37,260.90 10,991.97
490,421.59 19,524.03 1,413.74 3.00 234,288.31 13,761.61 4,059.68
475,651.07 19,524.03 1,372.79 702,864.92 109,264.92 32,233.15
460,740.40 19,524.03 1,331.44
445,688.25 19,524.03 1,289.70
430,493.27 19,524.03 1,247.57
415,154.10 19,524.03 1,205.03
399,669.39 19,524.03 1,162.10
384,037.74 19,524.03 1,118.75
368,257.77 19,524.03 1,075.00
352,328.07 19,524.03 1,030.82
336,247.21 19,524.03 986.23
320,013.76 19,524.03 941.22
303,626.28 19,524.03 895.78
287,083.30 19,524.03 849.91
270,383.35 19,524.03 803.60
253,524.94 19,524.03 756.86
236,506.56 19,524.03 709.67
219,326.70 19,524.03 662.03
201,983.82 19,524.03 613.94
184,476.37 19,524.03 565.39
166,802.80 19,524.03 516.39
148,961.54 19,524.03 466.91
130,950.98 19,524.03 416.97
112,769.52 19,524.03 366.56
94,415.54 19,524.03 315.66
75,887.40 19,524.03 264.29
57,183.46 19,524.03 212.42
38,302.03 19,524.03 160.07
19,241.45 19,524.03 107.21
- 19,524.03 53.86
702,864.92 32,233.15
Empresa A no se financia Empresa B, se financia:

Vts 50,000.00 Vts 50,000.00

CVts 25,000.00 CVts 25,000.00
UB 25,000.00 UB 25,000.00
G.O 15,000.00 G.O 15,000.00
UO 10,000.00 UO 10,000.00
GF - (gastos financieros son los intereses GF 3,000.00
UAI 10,000.00 UAI 7,000.00
IR 2,950.00 IR 2,065.00 los gastos financieros ha h
UN 7,050.00 UN 4,935.00

EFI=Interese*IR Intereses
EFI
 Si resto IR de A - IR de B:
s gastos financieros ha hecho que pague menos impuesto 885.00

3,000.00
885.00
 CUADRO 2 (Continuación)
CARACTERISTICAS GENERALES DE LA OPERACIÓN DE FINANCIAMIENTO A MEDIANO PLAZO

Interes
Factor de valor correspondiente Saldo
Fecha de Días corridos presente desde la a los días adeudado
pago / desde el Dias corridos fecha de corridos entre antes de pagar Intereses Amortización
desembolso desembolso entre cuotas desembolso cuotas la cuota Cuota a pagar corridos del capital

11/1/2004
11/30/2004 29 29 0.9909123 0.0091711 590,000.00 19,455.10 5,410.92 14,044.17
12/30/2004 59 30 0.9815981 0.0094888 575,955.83 19,455.10 5,465.13 13,989.97
1/30/2005 90 31 0.9720654 0.0098066 561,965.86 19,455.10 5,510.99 13,944.10
2/28/2005 119 29 0.9632316 0.0091711 548,021.75 19,455.10 5,025.94 14,429.16
3/30/2005 149 30 0.9541776 0.0094888 533,592.60 19,455.10 5,063.15 14,391.95
4/30/2005 180 31 0.9449112 0.0098066 519,200.65 19,455.10 5,091.61 14,363.49
5/30/2005 210 30 0.9360294 0.0094888 504,837.17 19,455.10 4,790.30 14,664.80
6/30/2005 241 31 0.9269392 0.0098066 490,172.37 19,455.10 4,806.94 14,648.16
7/30/2005 271 30 0.9182264 0.0094888 475,524.21 19,455.10 4,512.15 14,942.94
8/30/2005 302 31 0.9093091 0.0098066 460,581.27 19,455.10 4,516.75 14,938.34
9/30/2005 333 31 0.9004785 0.0098066 445,642.92 19,455.10 4,370.26 15,084.84
10/30/2005 363 30 0.8920143 0.0094888 430,558.08 19,455.10 4,085.48 15,369.62
11/30/2005 394 31 0.8833516 0.0098066 415,188.47 19,455.10 4,071.60 15,383.49
12/30/2005 424 30 0.8750485 0.0094888 399,804.97 19,455.10 3,793.67 15,661.43
1/30/2006 455 31 0.8665505 0.0098066 384,143.54 19,455.10 3,767.15 15,687.94
2/28/2006 484 29 0.8586756 0.0091711 368,455.60 19,455.10 3,379.13 16,075.97
3/30/2006 514 30 0.8506044 0.0094888 352,379.63 19,455.10 3,343.66 16,111.44
4/30/2006 545 31 0.8423438 0.0098066 336,268.19 19,455.10 3,297.66 16,157.44
5/30/2006 575 30 0.8344261 0.0094888 320,110.76 19,455.10 3,037.46 16,417.63
6/30/2006 606 31 0.8263227 0.0098066 303,693.13 19,455.10 2,978.21 16,476.89
7/30/2006 636 30 0.8185556 0.0094888 287,216.24 19,455.10 2,725.34 16,729.76
8/30/2006 667 31 0.8106062 0.0098066 270,486.48 19,455.10 2,652.56 16,802.53
9/30/2006 698 31 0.8027341 0.0098066 253,683.95 19,455.10 2,487.79 16,967.31
10/30/2006 728 30 0.7951887 0.0094888 236,716.64 19,455.10 2,246.16 17,208.94
11/30/2006 759 31 0.7874663 0.0098066 219,507.70 19,455.10 2,152.63 17,302.46
12/30/2006 789 30 0.7800645 0.0094888 202,205.23 19,455.10 1,918.68 17,536.41
1/30/2007 820 31 0.7724890 0.0098066 184,668.82 19,455.10 1,810.98 17,644.12
2/28/2007 849 29 0.7654688 0.0091711 167,024.71 19,455.10 1,531.79 17,923.30
3/30/2007 879 30 0.7582737 0.0094888 149,101.40 19,455.10 1,414.79 18,040.30
4/30/2007 910 31 0.7509098 0.0098066 131,061.10 19,455.10 1,285.27 18,169.83
5/30/2007 940 30 0.7438516 0.0094888 112,891.27 19,455.10 1,071.20 18,383.89
6/30/2007 971 31 0.7366277 0.0098066 94,507.38 19,455.10 926.80 18,528.30
7/30/2007 1001 30 0.7297037 0.0094888 75,979.08 19,455.10 720.95 18,734.15
8/30/2007 1032 31 0.7226173 0.0098066 57,244.94 19,455.10 561.38 18,893.72
9/30/2007 1063 31 0.7155996 0.0098066 38,351.22 19,455.10 376.10 19,079.00
10/30/2007 1093 30 0.7088733 0.0094888 19,272.22 19,455.10 182.87 19,272.22
 Demanda base: 514,000.00 PEA
Tasa de crecimiento consumo de ropa: 2.50% anual
Datos encuesta
Polos TPX 60%
Polo TPM 40%
Demanda Proyectada - años
1 2 3
526,850.00 540,021.25 553,521.78
Polos TPX 316,110.00 324,012.75 332,113.07
Polo TPM 210,740.00 216,008.50 221,408.71

1 2 3
Ventas:
Polos TPX 4,741,650.00 4,860,191.25 4,981,696.03
Polo TPM 4,214,800.00 4,320,170.00 4,428,174.25
Total Ventas 8,956,450.00 9,180,361.25 9,409,870.28
Costo de Vts
MPD 4,899,705.00 5,022,197.63 5,147,752.57
MOD 48,240.00 48,240.00 48,240.00
CIF 20,000.00 20,000.00 20,000.00
Total Costo Vts 4,967,945.00 5,090,437.63 5,215,992.57
Utilidad Bruta 3,988,505.00 4,089,923.63 4,193,877.72
Gastos operativos
Planilla 300,500.00 300,500.00 300,500.00
Electricidad 6,000.00 6,000.00 6,000.00
Agua 2,400.00 2,400.00 2,400.00
Mantenimiento 5,000.00 5,000.00 5,000.00
Limpieza 1,800.00 1,800.00 1,800.00
Combustible 2,520.00 2,520.00 2,520.00
Depreciación 24,000.00 24,000.00 24,000.00
Total gastos operativos 342,220.00 342,220.00 342,220.00
Utilidad Operativa o Ebit 3,646,285.00 3,747,703.63 3,851,657.72
Gastos Financieros 58,242.41 37,260.90 13,761.61
Utilidad antes de impuestos 3,588,042.59 3,710,442.72 3,837,896.10
Impuesto a la renta 1,058,472.56 1,094,580.60 1,132,179.35
Utilidad Neta 2,529,570.03 2,615,862.12 2,705,716.75

1 2 3
Margen bruto 45% 45% 45%
Margen operativo 41% 41% 41%
Margen neto 28% 28% 29%
GAO 1.09 1.09 1.09
GAF 1.02 1.01 1.00
El GAO cuando esta entre los rangos menores a 3 indica que hay un buen manejo de los gastos fijos operativos
El GAF cuando esta entre los rangos menor a 3 indica que hay un buen manejo de los gastos financieros
GAO y GAF elevado dan la alerta de revisar costos fijos y gastos financieros, hay una mala gestión de los mismos
 Precio de venta ( se establece según encuesta, el mercado o investigación prev

Proyectada - años Cvu Pv

4 5 Polos TPX 8.50 15 (15 fue el valor con mayor frecuencia en
567,359.83 581,543.82 Polo TPM 10.50 20 (20 fue el valor con mayor frecuencia en
340,415.90 348,926.29
226,943.93 232,617.53

4 5

5,106,238.43 5,233,894.39
4,538,878.61 4,652,350.57
9,645,117.04 9,886,244.96

5,276,446.38 5,408,357.54
48,240.00 48,240.00
20,000.00 20,000.00
5,344,686.38 5,476,597.54
4,300,430.66 4,409,647.42

300,500.00 300,500.00
6,000.00 6,000.00
2,400.00 2,400.00
5,000.00 5,000.00
1,800.00 1,800.00
2,520.00 2,520.00
24,000.00 24,000.00
342,220.00 342,220.00
3,958,210.66 4,067,427.42
0 0
3,958,210.66 4,067,427.42
1,167,672.14 1,199,891.09
2,790,538.51 2,867,536.33

4 5
45% 45% UB/Vts
41% 41% UO/Vts
29% 29% UN/Vts
1.09 1.08 MC/UAII
1.00 1.00
 o de los gastos fijos operativos
de los gastos financieros
una mala gestión de los mismos
cado o investigación previa siempre comparado con el Cvu)

con mayor frecuencia en la encuesta)

con mayor frecuencia en la encuesta)