1.

Inversión Inicial

Concepto Cantidad Precio Importe

Licencia de software 1.00 80,000.00 80,000.00
Equipos de cómputo 8.00 7,048.75 56,390.00
Escritorios 4.00 5,899.00 23,596.00
Libreros 8.00 3,877.00 31,016.00
Sillas ejecutivas 8.00 1,249.00 9,992.00
Capital de trabajo (20% II) 40,198.80
Inversión inicial 241,192.80

2. Valor de Rescate
Importe % dep anual vida util (años)
Licencia de software 80,000.00 15.00 6.67
Equipo de cómputo 56,390.00 30.00 3.33
Escritorios 23,596.00 10.00 10.00
Libreros 31,016.00 10.00 10.00
Sillas 9,992.00 10.00 10.00

3. Tablas de amortización
INADEM 100,000.00 0.145
Socio 60,000.00 0.0121

Periodo Pago Intereses Abono a capital

0
1 $3,442.10 1,208.33 $2,233.76
2 $3,442.10 1,181.34 $2,260.76
3 $3,442.10 1,154.02 $2,288.07
4 $3,442.10 1,126.38 $2,315.72
5 $3,442.10 1,098.40 $2,343.70
6 $3,442.10 1,070.08 $2,372.02
7 $3,442.10 1,041.41 $2,400.68
8 $3,442.10 1,012.41 $2,429.69
9 $3,442.10 983.05 $2,459.05
10 $3,442.10 953.33 $2,488.76
11 $3,442.10 923.26 $2,518.84
12 $3,442.10 892.82 $2,549.27
13 $3,442.10 862.02 $2,580.08
14 $3,442.10 830.84 $2,611.25
15 $3,442.10 799.29 $2,642.81
16 $3,442.10 767.36 $2,674.74
17 $3,442.10 735.04 $2,707.06
 18 $3,442.10 702.33 $2,739.77
19 $3,442.10 669.22 $2,772.87
20 $3,442.10 635.72 $2,806.38
21 $3,442.10 601.81 $2,840.29
22 $3,442.10 567.49 $2,874.61
23 $3,442.10 532.75 $2,909.35
24 $3,442.10 497.60 $2,944.50
25 $3,442.10 462.02 $2,980.08
26 $3,442.10 426.01 $3,016.09
27 $3,442.10 389.56 $3,052.53
28 $3,442.10 352.68 $3,089.42
29 $3,442.10 315.35 $3,126.75
30 $3,442.10 277.57 $3,164.53
31 $3,442.10 239.33 $3,202.77
32 $3,442.10 200.63 $3,241.47
33 $3,442.10 161.46 $3,280.64
34 $3,442.10 121.82 $3,320.28
35 $3,442.10 81.70 $3,360.40
36 $3,442.10 41.10 $3,401.00

4. Costo Ponderado de Capital

Costo % part
Socio 60,000.00 0.10 24.9%
INADEM 100,000.00 0.145 41.5%
HSBC 81,192.80 0.39 33.7%
241,192.80 100.0%

5. Estado de Resultados Presupuestado

Año 1 2
Ventas totales 1,000,000.00 1,040,000.00
Rebajas, devoluciones, descuentos - -
Ventas netas 1,000,000.00 1,040,000.00
Costo de ventas 500,000.00 530,000.00
Utilidad bruta o Utilidad en ventas 500,000.00 510,000.00
Gastos de operación
Gastos de venta 120,000.00 127,200.00
Gastos de administración 120,000.00 127,200.00
Depreciaciones 35,377.40 35,377.40
Total de gastos de operación 275,377.40 289,777.40
Utilidad antes de intereses e impuestos 224,622.60 220,222.60
 Costo de financiamiento
Intereses pagados 40,998.62 28,413.03
Interesas cobrados 0.00 0.00
Utilidad antes de impuestos 183,623.98 191,809.57
ISR 64,268.39 67,133.35
Utilidad neta 119,355.59 124,676.22

6. Balance General Presupuestado

0 1 2
Activos circulantes
Caja e inversiones 40,198.80 40,198.80 40,198.80
Bancos 172,669.52 276,670.65
Clientes
Total de Activos ciculantes 40,198.80 212,868.32 316,869.45
Licencias de software 80,000.00 80,000.00 80,000.00
Equipo de cómputo 56,390.00 56,390.00 56,390.00
Mobiliario y equipo de oficina 64,604.00 64,604.00 64,604.00
Depreciaciones y amortizaciones 35,377.40 70,754.80
Total de Activos no circulantes 200,994.00 165,616.60 130,239.20
Total de activos 241,192.80 378,484.92 447,108.65
Pasivos circulantes
Proveedores
Acreedores diversos
Prestamos bancarios 46,331.86 58,917.45 $75,943.49
Impuestos (ISR) 0.00 64,268.39 67,133.35
Total pasivos circulantes 46,331.86 123,185.84 143,076.84
Préstamos bancarios (no circulante) 134,860.94 $75,943.49 -
Total de pasivos 181,192.80 199,129.33 143,076.84
Capital
Aportacion socios 60,000.00 60,000.00 60,000.00
Resultado del ejercicio 0.00 119,355.59 124,676.22
Resultados acumulados 0.00 0.00 119,355.59
Total de capital 60,000.00 179,355.59 304,031.81
Total de pasivo mas capital 241,192.80 378,484.92 447,108.65
- - -

7. Flujo de Efectivo Presupuestado

 1 2
Entradas
Ventas 1,000,000.00 1,040,000.00
Cobranza a clientes - -
Préstamos - -
Total de entradas 1,000,000.00 1,040,000.00
Salidas
Costo de ventas 500,000.00 530,000.00
Gastos de venta 120,000.00 127,200.00
Gastos de administración 120,000.00 127,200.00
Pago de intereses 40,998.62 28,413.03
Impuestos - 64,268.39
Pago de préstamos (abono a capital) 46,331.86 58,917.45
Total de salidas 827,330.48 935,998.87
Flujo de operación 172,669.52 104,001.13
Saldo inicial de efectivo - 172,669.52
Saldo para bancos 172,669.52 276,670.65
Capital de trabajo - -
Valor de rescate - -
Flujo para evaluación 172,669.52 104,001.13

8. Viabilidad Económico Financiera (VPN, TIR, VAE, C/B)

1 2
Flujo para evaluación - 241,192.80 172,669.52 104,001.13
Inversión inicial 241,192.80
CCPP (TMAR Mixta) 14.8%

VPN 140,505.22
TIR 46.0%

9. Análisis de Sensibilidad con el 10% en ventas y 7% en Costo de Ventas

Ventas 0.1 CV

Escenarios 1 2
Ventas
Optimista 100,000.00 104,000.00
Flujo para evaluación - 241,192.80 272,669.52 208,001.13
VPN $377,937.82

Pesimista - 100,000.00 - 104,000.00

Flujo para evaluación 72,669.52 1.13
VPN -$96,927.37

Costo de ventas
Optimista - 35,000.00 - 37,100.00
Flujo para evaluación 207,669.52 141,101.13
VPN $225,108.71

Pesimista 35,000.00 37,100.00

Flujo para evaluación 137,669.52 66,901.13
VPN $55,901.73
 200,994.00

Dep anual $ Valor de rescate

12,000.00 44,000.00
16,917.00 5,639.00
2,359.60 16,517.20
3,101.60 21,711.20
999.20 6,994.40
35,377.40 94,861.80

HSBC 81,192.80 0.385

0.032

Saldo Periodo Pago Intereses Abono a capital Saldo

100,000.00 0 81,192.80
97,766.24 1 $3,835.44 2,604.94 $1,230.51 79,962.29
95,505.48 2 $3,835.44 2,565.46 $1,269.99 78,692.31
93,217.41 3 $3,835.44 2,524.71 $1,310.73 77,381.58
90,901.69 4 $3,835.44 2,482.66 $1,352.78 76,028.79
88,557.98 5 $3,835.44 2,439.26 $1,396.18 74,632.61
86,185.96 6 $3,835.44 2,394.46 $1,440.98 73,191.63
83,785.28 7 $3,835.44 2,348.23 $1,487.21 71,704.42
81,355.59 8 $3,835.44 2,300.52 $1,534.93 70,169.49
78,896.53 9 $3,835.44 2,251.27 $1,584.17 68,585.32
76,407.77 10 $3,835.44 2,200.45 $1,635.00 66,950.33
73,888.93 11 $3,835.44 2,147.99 $1,687.45 65,262.87
71,339.66 12,644.83 12 $3,835.44 2,093.85 $1,741.59 63,521.28
68,759.58 13 $3,835.44 2,037.97 $1,797.47 61,723.82
66,148.33 14 $3,835.44 1,980.31 $1,855.14 59,868.68
63,505.52 15 $3,835.44 1,920.79 $1,914.66 57,954.02
60,830.78 16 $3,835.44 1,859.36 $1,976.08 55,977.94
58,123.73 17 $3,835.44 1,795.96 $2,039.48 53,938.46
 55,383.96 18 $3,835.44 1,730.53 $2,104.92 51,833.54
52,611.08 19 $3,835.44 1,662.99 $2,172.45 49,661.09
49,804.70 20 $3,835.44 1,593.29 $2,242.15 47,418.94
46,964.41 21 $3,835.44 1,521.36 $2,314.08 45,104.86
44,089.80 22 $3,835.44 1,447.11 $2,388.33 42,716.53
41,180.45 23 $3,835.44 1,370.49 $2,464.95 40,251.58
38,235.95 8,201.47 24 $3,835.44 1,291.40 $2,544.04 37,707.54
35,255.87 25 $3,835.44 1,209.78 $2,625.66 35,081.88
32,239.78 26 $3,835.44 1,125.54 $2,709.90 32,371.98
29,187.25 27 $3,835.44 1,038.60 $2,796.84 29,575.14
26,097.83 28 $3,835.44 948.87 $2,886.57 26,688.57
22,971.08 29 $3,835.44 856.26 $2,979.18 23,709.38
19,806.55 30 $3,835.44 760.68 $3,074.77 20,634.62
16,603.78 31 $3,835.44 662.03 $3,173.41 17,461.20
13,362.31 32 $3,835.44 560.21 $3,275.23 14,185.97
10,081.68 33 $3,835.44 455.13 $3,380.31 10,805.67
6,761.40 34 $3,835.44 346.68 $3,488.76 7,316.91
3,401.00 35 $3,835.44 234.75 $3,600.69 3,716.21
- 0.00 3,069.22 36 $3,835.44 119.23 $3,716.21 - 0.00

TMAR (CPC) TMAR Fiscal

0.02 0.02
0.06 0.04
0.13 0.08
21.5% 14.8%

3
1,081,600.00
-
1,081,600.00
561,800.00
519,800.00

134,832.00
134,832.00
35,377.40
305,041.40
214,758.60
 11,386.99
0.00
203,371.61
71,180.06
132,191.55

40,198.80
372,342.82

412,541.62
80,000.00
56,390.00
64,604.00
106,132.20
94,861.80
507,403.42

0.00
71,180.06
71,180.06
0.00
71,180.06

60,000.00
132,191.55
244,031.81
436,223.36
507,403.42
-
 3

1,081,600.00
-
-
1,081,600.00

561,800.00
134,832.00
134,832.00
11,386.99
67,133.35
75,943.49
985,927.83
95,672.17
276,670.65
372,342.82
40,198.80
94,861.80
230,732.77

3
230,732.77

Ventas
0.07

3
 108,160.00
338,892.77

- 108,160.00
122,572.77

- 39,326.00
270,058.77

39,326.00
191,406.77
 Total intereses
28,353.79 40,998.62
Deudas
134,860.94
Pagos $46,331.86 1.00
$58,917.45 2.00
$75,943.49 3.00
20,211.56 28,413.03
75,943.49

8,317.77 11,386.99
- 0.00