31-Mar-12 Jun-12 Sep-12

DISPONIBLE 5,645.65 6,375.81 3,066.07INVERSIONES,TEMPORALES 64,819.89 39,580.43 32,565.13DEUDORES 35,520.93 29,859.69 40,238.80Clientes 143,141.04 142,664.24 155,620.51INVENTARIO 92,852.50 94,029.70 97,919.46DIFERIDOS 3,978.42 3,248.51 1,889.68OTROS,ACTIVOS 0 0 0INTAGIBLES,1600 0 0 0TOTAL,ACTIVO,CORRIENTE 345,958.44 315,758.38 331,299.63INVERSIONES,A,LARGO,PLAZO 709,017.20 716,192.27 727,460.47DEUDORES,A,LARGO,PLAZO 4,687.63 3,475.76 4,248.88PROPIEDADES,PLANTA,Y,EQUIPO 204,869.18 206,955.07 206,950.54OTROS,ACTIVOS 330.23 330.23 97.9TOTAL,VALORIZACIONES 550,393.21 550,393.21 550,393.21TOTAL,ACTIVO,LARGO,PLAZO ### ### 1,489,151.00TOTAL,ACTIVO ### ### 1,820,450.63OBLIGACIONES,FINANCIERAS 86,282.74 75,738.36 83,517.26PROVEEDORES 80,154.54 72,060.20 65,891.86CUENTAS,POR,PAGAR 97,761.49 90,472.46 99,474.84IMPUESTOS,GRAVAMENES 9,499.68 12,763.24 12,324.56OBLIGACIONES,LABORALES 10,864.55 13,403.46 16,764.13PASIVOS,ESTIMADOS 10,510.73 12,233.30 14,485.99DIFERIDOS 0 0 0OTROS,PASIVOS 18,345.70 18,895.10 19,696.94BONOS,Y,PAPELES,COMERCIALES 0 0 0TOTAL,PASIVO,CORRIENTE 313,419.44 295,566.12 312,155.59OBLIGACIONES,FINANCIERAS 0 0 0PROVEEDORES 0 0 0CUENTAS,POR,PAGAR 125,000.00 125,000.00 125,000.00OBLIGACIONES,LABORALES 0 0 0PASIVOS,ESTIMADOS,Y,PROVISIONE 38,158.21 37,816.95 37,750.07DIFERIDOS 0 0 0OTROS,PASIVOS 0 0 0BONOS,Y,PAPELES,COMERCIALES 0 0 0IMPUESTOS 12,122.89 9,092.16 6,061.44TOTAL,PASIVO,NO,CORRIENTE 175,281.10 171,909.11 168,811.51TOTAL,PASIVO 488,700.53 467,475.23 480,967.10CAPITAL,SOCIA 56.05 56.05 56.05SUPERAVIT,DE,CAPITAL 315,949.09 315,949.09 315,949.09RESERVAS 252,361.11 252,361.11 252,361.11REVALORIZACION,DEL,PATRIMONIO 197,286.66 197,286.66 197,286.66DIVIDENDOS,DECRETADOS,EN,ACCIO 0 0 0RESULTADOS,DEL,EJERCICIO 10,509.24 9,583.57 23,437.42

RESULTADOS,EJERCICIOS,ANTERIOR 0 0 0SUPERAVIT,POR,VALORIZACIONES 550,393.21 550,393.21 550,393.21TOTAL,PATRIMONIO ### ### 1,339,483.54TOTAL,PASIVO,Y,PATRIMONIO ### ### 1,820,450.63

Ingresos,Operacionales 194,116.70 381,672.68 572,750.14Menos,Costo,de,Ventas 164,093.60 334,421.94 494,365.36Costos,de,Ventas,y,Prest,Servicios 164,093.60 334,421.94 494,365.36UTILIDAD,BRUTA 30,023.10 47,250.75 78,384.79Menos,Gastos,Operacionales 24,855.98 48,730.49 72,720.01Gastos,de,Administracion 14,651.54 27,852.64 41,343.39Gastos,de,Ventas 10,204.44 20,877.84 31,376.62UTILIDAD,OPERACIONAL 5,167.12 -1,479.74 5,664.77Ingresos,no,Operacionales 12,483.27 24,118.43 36,506.09Menos,Gastos,no,Operacionales 6,212.20 11,158.00 15,907.38UTILIDAD,ANTES,DE,IMPUESTOS 11,438.19 11,480.69 26,263.48Menos,Impuestos,de,Renta,y, 928.94 1,897.12 2,826.06GANANCIAS,Y,PERDIDAS 10,509.24 9,583.57 23,437.42

Dec-12 2012

6,822.20 21,909.7330,682.31 167,647.7631,771.48 137,390.90

152,186.46 593,612.2596,626.92 381,428.58

1,043.82 10,160.430 0.000 0.00

319,133.20 1,312,149.65 813,405.02 2,966,074.96

3,646.15 16,058.42210,757.05 829,531.84

97.9 856.26672,791.66 2,323,971.29

1,700,697.77 6,136,492.77 1,469,297.45 -0.012,019,830.97 7,448,642.41

78,678.24 324,216.6073,157.86 291,264.4641,254.08 328,962.8712,836.70 47,424.1819,471.23 60,503.37

6,483.64 43,713.660 0.00

16,715.49 73,653.230 0.00

248,597.25 1,169,738.40 1,169,738.370 0.000 0.00

175,000.00 550,000.000 0.00

37,048.57 150,773.800 0.000 0.000 0.00

6,061.44 33,337.93218,110.01 734,111.73466,707.26 1,903,850.12

56.05 224.20393,732.90 1,341,580.17252,361.11 1,009,444.44197,286.66 789,146.64

0 0.0036,895.34 80,425.57

0 0.00672,791.66 2,323,971.29

1,553,123.71 5,544,792.302,019,830.97 7,448,642.41

0.000.00

763,218.95 1,911,758.47651,230.74 1,644,111.64651,230.74 1,644,111.64111,988.21 267,646.85

96,708.56 243,015.0456,434.45 140,282.0240,274.11 102,733.0115,279.65 24,631.8047,417.61 120,525.4022,046.91 55,324.4940,650.35 89,832.71

3,755.01 9,407.1336,895.34 80,425.57

Mar-13 Jun-13 Sep-13 Dec-13DISPONIBLE 7,186.53 17,673.60 13,713.94 5,744.47INVERSIONES,TEMPORALES 44,245.65 37,855.77 31,395.78 34,800.64DEUDORES 41,622.94 54,322.94 62,053.59 43,729.29Clientes 141,511.50 149,321.51 147,204.59 151,026.34INVENTARIO 96845.43 98518.44 99319.74 99,717.38DIFERIDOS 1,806.60 2,849.32 1,665.98 820.4OTROS,ACTIVOS 0 0 0 1,100.00TOTAL,ACTIVO,CORRIENTE 333,218.65 360,541.58 355,353.62 336,938.52INVERSIONES,A,LARGO,PLAZO 823,633.66 823,042.02 833,628.50 821,624.17DEUDORES,A,LARGO,PLAZO 3,756.34 3,886.38 4,359.41 3,160.67Inventario,Largo,plazo 96,845.43 98,518.44 99,319.74 0PROPIEDADES,PLANTA,Y,EQUIPO 214,791.62 214,633.97 218,823.99 215,704.72DIFERIDOS 0 0 385.72 0OTROS,ACTIVOS 97.9 87.54 0 0TOTAL,VALORIZACIONES 672,791.66 672,791.66 672,791.66 677,174.11TOTAL,ACTIVO,LARGO,PLAZO ### ### ### ###TOTAL,ACTIVO ### ### ### ###RESPONSABILIDADES,CONTINGENTES 10,940.83 10,940.83 10,940.83 8,288.56OTRAS,CUENTAS,ORDEN,DEUDORAS ### ### ### ###OBLIGACIONES,FINANCIERAS 97,459.81 116,864.71 109,553.90 91,754.63PROVEEDORES 83,918.32 74,061.23 66,698.01 70,798.16CUENTAS,POR,PAGAR 80,024.26 77,580.72 83,652.53 41,380.61IMPUESTOS,GRAVAMENES 8,346.76 14,237.33 13,118.99 13,233.97OBLIGACIONES,LABORALES 12,752.46 15,874.06 19,090.47 20,913.33PASIVOS,ESTIMADOS 14,920.07 15,500.81 16,193.86 6,544.76OTROS,PASIVOS 16,745.45 18,294.79 17,833.86 13,552.88TOTAL,PASIVO,CORRIENTE 314,167.12 332,413.65 326,141.62 258,178.34CUENTAS,POR,PAGAR 175,000.00 175,000.00 175,000.00 205,000.00PASIVOS,ESTIMADOS,Y,PROVISIONE 36,983.60 36,567.40 36,488.73 0DIFERIDOS 0 0 0 35,488.80IMPUESTOS 6,061.44 3,030.72 0 0TOTAL,PASIVO,NO,CORRIENTE 218,045.04 214,598.12 211,488.73 240,488.80TOTAL,PASIVO 532,212.16 547,011.77 537,630.35 498,667.14CAPITAL,SOCIA 56.05 56.05 56.05 56.05SUPERAVIT,DE,CAPITAL 393,732.90 393,732.90 393,732.90 370,618.19RESERVAS 257,553.46 257,553.46 257,553.46 257,553.46REVALORIZACION,DEL,PATRIMONIO 197,286.66 197,286.66 197,286.66 197,286.66DIVIDENDOS,DECRETADOS,EN,ACCIO 0 0 0 0RESULTADOS,DEL,EJERCICIO -5,343.05 6,550.65 26,291.82 53,246.59RESULTADOS,EJERCICIOS,ANTERIOR 0 0 0 0SUPERAVIT,POR,VALORIZACIONES 672,791.66 672,791.66 672,791.66 677,174.11TOTAL,PATRIMONIO ### ### ### ###TOTAL,PASIVO,Y,PATRIMONIO ### ### ### ###

Ingresos,Operacionales 171,237.96 362,463.43 557,771.32 751,656.44Menos,Costo,de,Ventas 159,374.87 321,031.43 476,809.78 636,333.15UTILIDAD,BRUTA 11,863.09 41,432.00 80,961.54 115,323.29Menos,Gastos,Operacionales 23,205.33 47,277.80 72,128.70 96,346.07Gastos,de,Administracion 13,454.61 27,252.03 41,584.66 55,828.21Gastos,de,Ventas 9,750.71 20,025.77 30,544.04 40,517.86UTILIDAD,OPERACIONAL -11,342.24 -5,845.80 8,832.84 18,977.22Ingresos,no,Operacionales 13,171.11 24,613.17 36,833.60 60,368.29Menos,Gastos,no,Operacionales 6,259.15 10,391.18 16,592.18 21,357.96UTILIDAD,ANTES,DE,IMPUESTOS -4,430.29 8,376.19 29,074.26 57,987.54Menos,Impuestos,de,Renta,y, 912.77 1,825.54 2,782.44 4,740.95GANANCIAS,Y,PERDIDAS -5,343.05 6,550.65 26,291.82 53,246.59

201344,318.54

148,297.84201,728.76589,063.94394,400.99

7,142.301,100.00

######

15,162.80294,683.61863,954.30

385.72185.44

#########

41,111.05###

415,633.05295,475.72282,638.12

48,937.0568,630.3253,159.5066,426.98

###730,000.00110,039.73

35,488.809,092.16

884,620.69###

224.20######

789,146.640.00

80,746.010.00#########

######

249,579.92238,957.90138,119.51100,838.38

10,622.02134,986.17

54,600.4791,007.7010,261.7080,746.01

Mar-14 Jun-14 Sep-14 Dec-14 2014DISPONIBLE 7,844.20 9,628.01 4,361.29 5,417.64 27,251.14INVERSIONES,TEMPORALE 43,658.68 36,025.65 38,616.84 40,293.32 158,594.49DEUDORES 53,661.53 67,871.21 81,985.97 63,524.44 267,043.15Clientes 158,842.34 158,582.84 161,913.29 175,812.03 655,150.50INVENTARIO 93,938.17 91,155.71 95,619.79 106,878.56 387,592.23DIFERIDOS 2,398.78 5,173.57 3,036.04 1,204.30 11,812.69OTROS,ACTIVOS 0 1,100.00 1,100.00 1,100.00 3,300.00TOTAL,ACTIVO,CORRIENTE 360,343.70 369,537.00 386,633.22 394,230.29 ###INVERSIONES,A,LARGO,PL 831,600.80 829,886.84 842,120.08 836,406.60 ###DEUDORES,A,LARGO,PLAZ 4,307.78 3,457.64 3,475.68 5,675.68 16,916.78INVENTARIO,LARGO,PLAZ 0 0 0 0 0.00PROPIEDADES,PLANTA,Y,E 209,099.23 204,224.66 200,554.67 210,369.11 824,247.67INTANGIBLES 0 0 0 0 0.00DIFERIDOS 0 0 0 0 0.00OTROS,ACTIVOS 0 0 0 0 0.00TOTAL,VALORIZACIONES 677,174.11 677,174.11 677,174.11 674,198.34 ###TOTAL,ACTIVO,LARGO,PLA ### ### ### ### ###TOTAL,ACTIVO ### ### ### ### ###OBLIGACIONES,FINANCIER 91,099.20 76,428.39 66,618.86 78,291.62 312,438.07PROVEEDORES 69,785.10 66,211.73 74,079.70 98,423.15 308,499.68CUENTAS,POR,PAGAR 81,665.63 83,286.28 90,551.22 281,819.59 537,322.72IMPUESTOS,GRAVAMENES 14,477.71 16,451.46 12,343.78 6,366.65 49,639.60OBLIGACIONES,LABORALE 15,360.01 17,608.62 20,337.40 25,408.33 78,714.36PASIVOS,ESTIMADOS 13,401.68 16,899.23 18,896.19 41,481.21 90,678.31DIFERIDOS 0 0 0 0 0.00OTROS,PASIVOS 13,176.15 15,265.18 17,626.57 17,621.87 63,689.77BONOS,Y,PAPELES,COMERC 0 0 0 0 0.00TOTAL,PASIVO,CORRIENTE 298,965.47 292,150.90 300,453.72 549,412.44 ###OBLIGACIONES,FINANCIER 0 0 0 0 0.00PROVEEDORES 0 0 0 0 0.00CUENTAS,POR,PAGAR 205,000.00 205,000.00 205,000.00 0 615,000.00IMPUESTOS 0 0 0 0 0.00OBLIGACIONES,LABORALE 0 0 0 0 0.00PASIVOS,ESTIMADOS,Y,PR 35,354.51 34,870.61 34,709.55 0 104,934.67DIFERIDOS 0 0 0 0 0.00TOTAL,PASIVO,NO,CORRIE 240,354.51 239,870.61 239,709.55 0 719,934.67TOTAL,PASIVO 539,319.98 532,021.51 540,163.26 549,412.44 ###CAPITAL,SOCIA 56.05 56.05 56.05 56.05 224.20SUPERAVIT,DE,CAPITAL 370,618.19 370,618.19 370,618.19 354,259.94 ###RESERVAS 279,122.92 279,122.92 279,122.92 279,122.92 ###REVALORIZACION,DEL,PA 197,286.66 197,286.66 197,286.66 197,286.66 789,146.64DIVIDENDOS,DECRETADOS 0 0 0 0 0.00RESULTADOS,DEL,EJERCICI 18,947.71 28,000.80 45,536.57 66,543.68 159,028.76RESULTADOS,EJERCICIOS, 0 0 0 0 0.00SUPERAVIT,POR,VALORIZA 677,174.11 677,174.11 677,174.11 674,198.34 ###

TOTAL,PATRIMONIO ### ### ### ### ###TOTAL,PASIVO,Y,PATRIMO ### ### ### ### ###

Ingresos,Operacionales 194,319.65 389,753.42 585,655.18 795,775.11 ###Menos,Costo,de,Ventas 157,007.09 323,791.00 484,605.37 658,577.80 ###UTILIDAD,BRUTA 37,312.56 65,962.41 101,049.80 137,197.32 341,522.09Menos,Gastos,Operacional 23,567.24 48,041.82 73,340.94 101,915.11 246,865.11Gastos,de,Administracion 14,120.20 28,945.04 43,630.41 61,985.65 148,681.30Gastos,de,Ventas 9,447.04 19,096.79 29,710.53 39,929.45 98,183.81UTILIDAD,OPERACIONAL 13,745.32 17,920.59 27,708.87 35,282.21 94,656.99Ingresos,no,Operacionales 15,558.53 24,565.25 40,866.09 65,346.33 146,336.20Menos,Gastos,no,Operacio 5,650.36 9,196.24 14,622.64 28,217.61 57,686.85UTILIDAD,ANTES,DE,IMPU 23,653.49 33,289.61 53,952.32 72,410.93 183,306.35Menos,Impuestos,de,Renta 4,705.78 5,288.81 8,415.76 5,867.25 24,277.60GANANCIAS,Y,PERDIDAS 18,947.71 28,000.80 45,536.57 66,543.68 159,028.76

719,934.67

6,236,726.46

BALANCE GENERAL

CUENTAS 2012 2013 2014DISPONIBLE 21,909.73 44,318.54 27,251.14INVERSIONES,TEMPORALES 167,647.76 148,297.84 158,594.49DEUDORES 137,390.90 201,728.76 267,043.15Clientes 593,612.25 589,063.94 655,150.50INVENTARIO 381,428.58 394,400.99 387,592.23DIFERIDOS 10,160.43 7,142.30 11,812.69OTROS,ACTIVOS 0.00 1,100.00 3,300.00TOTAL,ACTIVO,CORRIENTE 1,312,149.65 1,386,052.37 1,510,744.21INVERSIONES,A,LARGO,PLAZO 2,966,074.96 3,301,928.35 3,340,014.32DEUDORES,A,LARGO,PLAZO 16,058.42 15,162.80 16,916.78PROPIEDADES,PLANTA,Y,EQUIPO 829,531.84 863,954.30 824,247.67DIFERIDOS 0.00 385.72 0.00OTROS,ACTIVOS 856.26 185.44 0.00TOTAL,VALORIZACIONES 2,323,971.29 2,695,549.09 2,705,720.67TOTAL,ACTIVO,LARGO,PLAZO 6,136,492.77 6,877,165.72 6,886,899.43TOTAL,ACTIVO 7,448,642.42 8,263,218.09 8,397,643.64OBLIGACIONES,FINANCIERAS 324,216.60 415,633.05 312,438.07PROVEEDORES 291,264.46 295,475.72 308,499.68CUENTAS,POR,PAGAR 328,962.87 282,638.12 537,322.72IMPUESTOS,GRAVAMENES 47,424.18 48,937.05 49,639.60OBLIGACIONES,LABORALES 60,503.37 68,630.32 78,714.36PASIVOS,ESTIMADOS 43,713.66 53,159.50 90,678.31OTROS,PASIVOS 73,653.23 66,426.98 63,689.77TOTAL,PASIVO,CORRIENTE 1,169,738.40 1,230,900.73 1,440,982.53CUENTAS,POR,PAGAR 550,000.00 730,000.00 615,000.00PASIVOS,ESTIMADOS,Y,PROVISIONE 150,773.80 110,039.73 104,934.67DIFERIDOS 0.00 35,488.80 0.00IMPUESTOS 33,337.93 9,092.16 0.00TOTAL,PASIVO,NO,CORRIENTE 734,111.73 884,620.69 719,934.67TOTAL,PASIVO 1,903,850.13 2,115,521.42 2,160,917.20CAPITAL,SOCIA 224.20 224.20 224.20SUPERAVIT,DE,CAPITAL 1,341,580.17 1,551,816.89 1,466,114.51RESERVAS 1,009,444.44 1,030,213.84 1,116,491.68REVALORIZACION,DEL,PATRIMONIO 789,146.64 789,146.64 789,146.64DIVIDENDOS,DECRETADOS,EN,ACCIO 0.00 0.00 0.00RESULTADOS,DEL,EJERCICIO 80,425.57 80,746.01 159,028.76RESULTADOS,EJERCICIOS,ANTERIOR 0.00 0.00 0.00SUPERAVIT,POR,VALORIZACIONES 2,323,971.29 2,695,549.09 2,705,720.67TOTAL,PATRIMONIO 5,544,792.30 6,147,696.66 6,236,726.44TOTAL,PASIVO,Y,PATRIMONIO 7,448,642.43 8,263,218.08 8,397,643.64

ESTADO DE RESULTADO

CUENTA 2012 2013 2014Ingresos,Operacionales 1,911,758.47 1,843,129.15 1,965,503.36Menos,Costo,de,Ventas 1,644,111.64 1,593,549.23 1,623,981.26UTILIDAD,BRUTA 267,646.85 249,579.92 341,522.09Menos,Gastos,Operacionales 243,015.04 238,957.90 246,865.11Gastos,de,Administracion 140,282.02 138,119.51 148,681.30Gastos,de,Ventas 102,733.01 100,838.38 98,183.81UTILIDAD,OPERACIONAL 24,631.80 10,622.02 94,656.99Ingresos,no,Operacionales 120,525.40 134,986.17 146,336.20Menos,Gastos,no,Operacionales 55,324.49 54,600.47 57,686.85UTILIDAD,ANTES,DE,IMPUESTOS 89,832.71 91,007.70 183,306.35Menos,Impuestos,de,Renta,y, 9,407.13 10,261.70 24,277.60GANANCIAS,Y,PERDIDAS 80,425.57 80,746.01 159,028.76

BALANCE GENERAL

2014-2013-17,067.40 F10,296.65 A65,314.39 A66,086.56 A-6,808.76 F4,670.39 A2,200.00 A

38,085.97 A1,753.98 A

-39,706.63 F-385.72 F-185.44 F

10,171.58 A

-103,194.98 A13,023.96 F

254,684.60 F702.55 F

10,084.04 F37,518.81 F-2,737.21 A

-115,000.00 A-5,105.06 A

-35,488.80 A-9,092.16 A

0.00-85,702.38 A86,277.84 F

78,282.75 F0.00

10,171.58 F

EFAFESTADO DE FUENTES Y APLICACIÓN DE FONDOS

FUENTES

CUENTAS VARIACIONDISPONIBLE 17,067.40 INVENTARIO 6,808.76 PROVEEDORES 13,023.96 CUENTAS,POR,PAGAR 254,684.60 IMPUESTOS,GRAVAMENES 702.55 OBLIGACIONES,LABORALES 10,084.04 PASIVOS,ESTIMADOS 37,518.81

TOTAL FUENTES C. P 339,890.12

PROPIEDADES,PLANTA,Y,EQUIPO 39,706.63 DIFERIDOS 385.72 OTROS,ACTIVOS 185.44 RESERVAS 86,277.84 RESULTADOS,DEL,EJERCICIO 78,282.75 SUPERAVIT,POR,VALORIZACIONES 10,171.58

TOTAL FUENTE A LARGO PLAZO 215,009.96

TOTALES 554,900.08

EFAFESTADO DE FUENTES Y APLICACIÓN DE FONDOS

APLICACIONES

CUENTAS VARIACIONINVERSIONES,TEMPORALES 10,296.65 DEUDORES 65,314.39 Clientes 66,086.56 DIFERIDOS 4,670.39 OTROS,ACTIVOS 2,200.00 OBLIGACIONES,FINANCIERAS 103,194.98 OTROS,PASIVOS 2,737.21

TOTAL APLICACIONES C. P 254,500.18

INVERSIONES,A,LARGO,PLAZO 38085.9700000002DEUDORES,A,LARGO,PLAZO 1753.98TOTAL,VALORIZACIONES 10171.5800000001CUENTAS,POR,PAGAR 115,000.00 PASIVOS,ESTIMADOS,Y,PROVISIONE 5,105.06 DIFERIDOS 35,488.80 IMPUESTOS 9092.16SUPERAVIT,DE,CAPITAL 85702.3800000001

TOTAL APLICACIONES A L.P 300,399.93

TOTALES 554,900.11

VARIACION DEL KTNOFUENTES

CUENTASPROVEEDORESDISPONIBLEINVENTARIOTOTALES

VARIACION DEL KTNOFUENTES APLICACIONES

VARIACION CUENTAS 13,023.96 17,067.40 CLIENTE 6,808.76 36,900.12 TOTALES

FUENTES - APLICACIONES (29,186.44)

VARIACION DEL KTNOAPLICACIONES

VARIACION

66,086.56

66086.5600000001

ECPESTADO DE CAMBIO EN EL PATRIMONIO

CUENTA 2012 2013CAPITAL,SOCIA 224.20 224.20SUPERAVIT,DE,CAPITAL 1,341,580.17 1,551,816.89RESERVAS 1,009,444.44 1,030,213.84REVALORIZACION,DEL,PATRIMONIO 789,146.64 789,146.64RESULTADOS,DEL,EJERCICIO 80,425.57 80,746.01SUPERAVIT,POR,VALORIZACIONES 2323971.29 2695549.09TOTAL PATRIMONIO 5,544,792.31 6,147,696.67

ECPESTADO DE CAMBIO EN EL PATRIMONIO

VAR 2014 VAR0.00 224.20 0.00

210,236.72 1,466,114.51 -85,702.3820,769.40 1,116,491.68 86,277.84

0.00 789,146.64 0.00320.44 159,028.76 78,282.75

371,577.80 2705720.67 10,171.58602,904.36 6,236,726.46 89,029.79

BALANCE GENERAL

CUENTAS 2012 VARACION 2013 VARACIONDISPONIBLE 21,909.73 2% 44,318.54 3%INVERSIONES,TEMPORALES 167,647.76 13% 148,297.84 11%DEUDORES 137,390.90 10% 201,728.76 15%Clientes 593,612.25 45% 589,063.94 42%INVENTARIO 381,428.58 29% 394,400.99 28%DIFERIDOS 10,160.43 1% 7,142.30 1%OTROS,ACTIVOS 0.00 0% 1,100.00 0%TOTAL,ACTIVO,CORRIENTE 1,312,149.65 18% ### 17%INVERSIONES,A,LARGO,PLAZO 2,966,074.96 48% ### 48%DEUDORES,A,LARGO,PLAZO 16,058.42 0% 15,162.80 0%PROPIEDADES,PLANTA,Y,EQUIPO 829,531.84 14% 863,954.30 13%DIFERIDOS 0.00 0% 385.72 0%OTROS,ACTIVOS 856.26 0% 185.44 0%TOTAL,VALORIZACIONES 2,323,971.29 38% ### 39%TOTAL,ACTIVO,LARGO,PLAZO 6,136,492.77 82% ### 83%TOTAL,ACTIVO 7,448,642.41 100% ### 100%OBLIGACIONES,FINANCIERAS 324,216.60 28% 415,633.05 34%PROVEEDORES 291,264.46 25% 295,475.72 24%CUENTAS,POR,PAGAR 328,962.87 28% 282,638.12 23%IMPUESTOS,GRAVAMENES 47,424.18 4% 48,937.05 4%OBLIGACIONES,LABORALES 60,503.37 5% 68,630.32 6%PASIVOS,ESTIMADOS 43,713.66 4% 53,159.50 4%OTROS,PASIVOS 73,653.23 6% 66,426.98 5%TOTAL,PASIVO,CORRIENTE 1,169,738.40 61% ### 58%OBLIGACIONES,FINANCIERAS 0.00 0% 415,633.05 47%PROVEEDORES 0.00 0% 295,475.72 33%CUENTAS,POR,PAGAR 550,000.00 75% 730,000.00 83%PASIVOS,ESTIMADOS,Y,PROVISIONE 150,773.80 21% 110,039.73 12%DIFERIDOS 0.00 0% 35,488.80 4%IMPUESTOS 33,337.93 5% 9,092.16 1%TOTAL,PASIVO,NO,CORRIENTE 734,111.73 39% 884,620.69 42%TOTAL,PASIVO 1,903,850.12 26% ### 26%CAPITAL,SOCIA 224.20 0% 224.20 0%SUPERAVIT,DE,CAPITAL 1,341,580.17 24% ### 25%RESERVAS 1,009,444.44 18% ### 17%REVALORIZACION,DEL,PATRIMONIO 789,146.64 14% 789,146.64 13%DIVIDENDOS,DECRETADOS,EN,ACCIO 0.00 0% 0.00 0%RESULTADOS,DEL,EJERCICIO 80,425.57 1% 80,746.01 1%

RESULTADOS,EJERCICIOS,ANTERIOR 0.00 0% 0.00 0%SUPERAVIT,POR,VALORIZACIONES 2,323,971.29 42% ### 44%TOTAL,PATRIMONIO 5,544,792.30 74% ### 74%TOTAL,PASIVO,Y,PATRIMONIO 7,448,642.41 100% ### 100%

ESTADO DE RESULTADO

CUENTAS 2012 VARACION 2013 VARACIONIngresos,Operacionales 1,911,758.47 100% ### 100%Menos,Costo,de,Ventas 1,644,111.64 86% ### 86%UTILIDAD,BRUTA 267,646.85 14% 249,579.92 14%Menos,Gastos,Operacionales 243,015.04 13% 238,957.90 13%Gastos,de,Administracion 140,282.02 7% 138,119.51 7%Gastos,de,Ventas 102,733.01 5% 100,838.38 5%UTILIDAD,OPERACIONAL 24,631.80 1% 10,622.02 1%Ingresos,no,Operacionales 120,525.40 6% 134,986.17 7%Menos,Gastos,no,Operacionales 55,324.49 3% 54,600.47 3%UTILIDAD,ANTES,DE,IMPUESTOS 89,832.71 5% 91,007.70 5%Menos,Impuestos,de,Renta,y, 9,407.13 0% 10,261.70 1%GANANCIAS,Y,PERDIDAS 80,425.57 4% 80,746.01 4%

BALANCE GENERAL

2014 VARACION 2013-2012 2014-201327,251.14 2% 102% -39%

158,594.49 10% -12% 7%267,043.15 18% 47% 32%655,150.50 43% -1% 11%387,592.23 26% 3% -2%

11,812.69 1% -30% 65%3,300.00 0% #DIV/0! 200%

### 18% 6% 9%### 48% 11% 1%

16,916.78 0% -6% 12%824,247.67 12% 4% -5%

0.00 0% #DIV/0! -100%0.00 0% -78% -100%### 39% 16% 0%### 82% 12% 0%### 100% 11% 2%

312,438.07 22% 28% -25%308,499.68 21% 1% 4%537,322.72 37% -14% 90%

49,639.60 3% 3% 1%78,714.36 5% 13% 15%90,678.31 6% 22% 71%63,689.77 4% -10% -4%

### 67% 5% 17%0.00 0% #DIV/0! -100%0.00 0% #DIV/0! -100%

615,000.00 85% 33% -16%104,934.67 15% -27% -5%

0.00 0% #DIV/0! -100%0.00 0% -73% -100%

719,934.67 33% 21% -19%### 26% 11% 2%

224.20 0% 0% 0%### 24% 16% -6%### 18% 2% 8%

789,146.64 13% 0% 0%0.00 0% #DIV/0! #DIV/0!

159,028.76 3% 0% 97%

0.00 0% #DIV/0! #DIV/0!### 43% 16% 0%### 74% 11% 1%### 100% 11% 2%

ESTADO DE RESULTADO

2014 VARACION 2013-2012 2014-2013### 100% -3% 2%### 83% -7% 37%

341,522.09 17% -2% 3%246,865.11 13% -2% 8%148,681.30 8% -2% -3%

98,183.81 5% -57% 791%94,656.99 5% 12% 8%

146,336.20 7% -1% 6%57,686.85 3% 1% 101%

183,306.35 9% 9% 137%24,277.60 1% 0% 97%

159,028.76 8%

RAZONES FINANCIERAS

LIQUIDEZ

RAZONES PERIODOS2012 2013

RAZON CORRIENTE 1.1 1.1PRUEBA ACIDA 0.8 0.8KTNO $ 705,686.1 $ 732,307.8 PROD. KTNO 36.9% 39.7%

ACTIVIDAD

RAZONES PERIODOS2012 2013

ROT. CARTERA 113 117ROT. INVENTARIOS 85 90ROT. PROVEEDORES 65 67CICLO OPERATIVO 133 140PDC 0.0 0.0

RENTABILIDAD

RAZONES PERIODOS2012 2013

ROE 1.5% 1.3%ROA 1.1% 1.0%EBITDA 24,632 10,622MARGEN EBITDA 1.3% 0.6%

ENDEUDAMIENTO

RAZONES PERIODOS2012 2013

25.6% 25.6%CARGA FINANCERA 224.6% 514.0%SOLVENCIA 3.9 3.9

NIVEL PATRIMONIAL 74.4% 74.4%

EVA

RAZONES PERIODOS

NIVEL ENDEUDAMIENTO

RAZONES2012 2013

AON $ 6,160,273.4 $ 6,894,294.2 CPPC 23.8% 23.7%UODI $ 67,374.5 $ 68,255.8 EVA - 1,400,840.69 - 1,565,431.48

provee y dife 10%obliga 16%patri 25%

RAZONES FINANCIERAS

LIQUIDEZPERIODOS

20141.00.8

$ 761,494.2 38.7%

ACTIVIDADPERIODOS

2014122 COMPRAS: 1,606,521.6487 1,617,172.5070

1390.1

RENTABILIDADPERIODOS

20142.5%1.9%

94,6574.8%

ENDEUDAMIENTOPERIODOS

2014

25.7%60.9%

3.9

74.3%

EVA %PROVE. 2012 % PROVE. 2013 % PROVE 2014PERIODOS 5% 4% 4%

2014 $ 6,857,664.2 %DIFE 2012 %DIFE 2013 %DIFE 2014

23.9% 0% 0% 0% $ 137,479.8 - 1,503,723.18 %OBLI. 2012 %OBLI.2013 %OBLI.2014

5% 6% 5%

%PATRI2012 %PATRI2013 %PATRI201490% 89% 91%

DATOS HISTORICOS2012 2013 2014

INGRESOS OPERACIONALES 1,911,758.47 ### ###COSTOS DE VENTAS 1,644,111.64 ### ###G. OPERACIONALES DE ADMON 140,282.02 138,119.51 148,681.30G. OPERACIONALES DE VENTAS 102,733.01 100,838.38 98,183.81IMPUESTO A LA RENTA 9,407.13 10,261.70 24,277.60DISPONIBLE 21,909.73 44,318.54 27,251.14CARTERA 593,612.25 589,063.94 655,150.50INVENTARIO 381,428.58 394,400.99 387,592.23PROVEEDORES 291,264.46 295,475.72 308,499.68KTNO 705,686.10 732,307.75 761,494.19VARIACION DE KTNO 26,621.65 29,186.44ACTIVOS FIJOS 829,531.84 863,954.30 824,247.67VARIACION EN AVTIVOS FIJOS 34,422.46 -39,706.63

6160273.36 6894294.23 6857664.19

PROYECCIONES MACROECONOMICAS

CIFRAS PROYECTAS 2015 2016 2017 2018 2019

Inflación 3.10% 3.43% 3.63% 3.48% 3.33%P.I.B. 4.70% 4.50% 4.50% 4.34% 4.47%DTF 4.60% 5.35% 5.10% 4.35% 4.10%T.M.R.R. 25.00% 25.00% 25.00% 25.00% 25.00%TASA IMPORENTA 25.00% 25.00% 25.00% 25.00% 25.00%

DATOS HISTORICOS DATOS PROYECTADOSPROMEDIO 2015 2016 2017 2018 2019

1,906,796.99 1,996,416.45 2,086,255.19 2,180,136.68 2,274,754.61 2,376,436.14 1,620,547.38 1,670,784.35 1,728,092.25 1,790,822.00 1,853,142.60 1,914,852.25 142,360.94 146,774.13 151,808.49 157,319.13 162,793.84 168,214.87 100,585.07 103,703.20 107,260.22 111,153.77 115,021.92 118,852.15 14,648.81 18,311.01 22,888.77 28,610.96 35,763.70 44,704.62 31,159.80 32,624.31 34,092.41 35,626.57 37,172.76 38,834.38

612,608.90 641,401.51 670,264.58 700,426.49 730,825.00 763,492.88 387,807.27 399,829.29 413,543.44 428,555.06 443,468.78 458,236.29 298,413.29 307,664.10 318,216.98 329,768.25 341,244.19 352,607.62 733,162.68 766,191.02 799,683.45 834,839.87 870,222.35 907,955.93 27,904.04 4,696.83 33,492.43 35,156.42 35,382.48 37,733.58

839,244.60 878,689.10 918,230.11 959,550.46 1,001,194.95 1,045,948.37 -2,642.09 54,441.43 39,541.01 41,320.35 41,644.49 44,753.41

6637410.59333333 6843170.32173 7077891.06376 7334818.50938 7590070.1935 7842819.53095

PyG PROYECTADO

ESTADO DE RESULTADOS PROYECTADO

2015 2016INGRESOS OPERACIONALES 1,996,416.45 2,086,255.19 COSTOS DE VENTAS 1,670,784.35 1,728,092.25 UTILIDAD BRUTA 325,632.11 358,162.94 GASTOS OPERACIONALES 250,477.34 259,068.71 Operacionales de Administración 146,774.13 151,808.49 Operacionales de Ventas 103,703.20 107,260.22 UTILIDAD OPERACIONAL 75,154.77 99,094.24 UTILIDAD ANTES DE IMPUESTOS 75,154.77 99,094.24 Impuesto a la Renta 18,788.69 24,773.56 UTILIDAD NETA 56,366.08 74,320.68

PyG PROYECTADO

ESTADO DE RESULTADOS PROYECTADO

2017 2018 2019 2,180,136.68 2,274,754.61 2,376,436.14 1,790,822.00 1,853,142.60 1,914,852.25 389,314.68 421,612.01 461,583.89 268,472.90 277,815.76 287,067.02 157,319.13 162,793.84 168,214.87 111,153.77 115,021.92 118,852.15 120,841.78 143,796.25 174,516.86 120,841.78 143,796.25 174,516.86 30,210.44 35,949.06 43,629.22 90,631.33 107,847.18 130,887.65

FLUJO DE CAJA

FLUJO DE CAJA PROYECTADO

2014 2015Utilidad Operativa 75,155

(-) Impuesto Operativo 18,789NOPAT 56,366

(+) Gasto Depreciación Período 0Flujo de Caja Bruto 56,366

(-) Cambios en Capital de Trabajo 4,697(-) Inversión en PPE 54,441

FCL (Operativo) -6,857,664 -2,772AON

V.P.N. -$6,822,007.38T.I.R. Err:523

FLUJO DE CAJA

FLUJO DE CAJA PROYECTADO

2016 2017 2018 201999,094 120,842 143,796 174,51724,774 30,210 35,949 43,62974,321 90,631 107,847 130,888

0 0 0 074,321 90,631 107,847 130,888

33,492 35,156 35,382 37,73439,541 41,320 41,644 44,753

1,287 14,155 30,820 48,401

2014UODIPPE 824,247.67KTNO 761,494.19

DEPRECIACIONMOV. PPEMOV. KTNO

DEPRECIACIONDEP. ACUMULADA 0

CALCULO DEL CIOPPE (BRUTO) 824,247.67DEP. (ACUMULADA) 0

CIO 1,585,741.86

2014UODIGasto Depreciación PeríodoFlujo de Caja Bruto

Cambios en Capital de TrabajoInversión en PPEFCL (Operativo)

VR PER RELEVANTE $ 60,524.88

VR HORIZONTE 299331.309007VP VR HORIZONTE 102383.039836

ACTIVOS NO OPER 6,886,899.43

VR OPERACIÓN $ 7,049,807.35 DEUDA 312,438.07VR PATRIMONIO $ 6,737,369.28

CALCULO POR E.V.AUODIWACC O CPPCCIO ANT.E.V.A

VR PER RELEVANTE ($ 872,071.20)

VR HORIZONTE EVA -1610232.85

VP VR HORIZONTE EVA -550762.75

CIO AÑO 0 1,585,741.86

ACTIVOS NO OPER 6,886,899.43

VR OPERACIÓN $ 7,049,807.35

DEUDA 312,438.07

VR PATRIMONIO $ 6,737,369.28

2015 2016 2017 2018 201956,366.08 74,320.68 90,631.33 107,847.18 130,887.65

878689.10 918230.11 959550.46 1001194.95 1045948.37766191.02 799683.45 834839.87 870222.35 907955.93

C.P.P.C 23.9%TASA DE CRECIMIENTO 4.01% B 0.56182774ACT. NO OPER 6,886,899.43 R 0.07128849DEUDA 312,438.07

2015 2016 2017 2018 201954441.43 39541.01 41320.35 41644.49 44753.41

4696.83 33492.43 35156.42 35382.48 37733.58

2015 2016 2017 2018 201910888.29 7908.20 8264.07 8328.90 8950.6810888.29 18796.49 27060.56 35389.46 44340.14

2015 2016 2017 2018 2019878,689.10 918,230.11 959,550.46 1,001,194.95 1,045,948.37

10888.29 18796.49 27060.56 35389.46 44340.14

1,633,991.84 1,699,117.07 1,767,329.77 1,836,027.85 1,909,564.16

2015 2016 2017 2018 201956,366.08 74,320.68 90,631.33 107,847.18 130,887.6510888.29 7908.20 8264.07 8328.90 8950.68

67,254.36 82,228.88 98,895.40 116,176.08 139,838.33

4696.83 33492.43 35156.42 35382.48 37733.5854441.43 39541.01 41320.35 41644.49 44753.418,116.10 9,195.44 22,418.63 39,149.11 57,351.34

2015 2016 2017 2018 201956,366.08 74,320.68 90,631.33 107,847.18 130,887.65

23.9% 23.9% 23.9% 23.9% 23.9%1,585,741.86 1,633,991.84 1,699,117.07 1,767,329.77 1,836,027.85

-323139.848405199 -316732.62234 -316007.9921 -315117.0694 -308517.6977