EX-12.1 19 ex121k033109.htm

EXHIBIT 12.1
BMB MUNAI INC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|  |  |  |  | Year ended March 31,
| 2009 |  | 2008 |  | 2007
Earnings: |  |  |  |  |
Income before income taxes | $ 16,129,286 |  | $ 31,206,982 |  | $ 1,892,771
Add: Fixed charges | 4,553,914 |  | 3,218,141 |  | -
Add: Amortization of capitalized interest | 185,554 |  | 68,123 |  | -
Less: Interest capitalized | (3,415,040) |  | (3,218,141) |  | -
Total earnings | 17,453,714 |  | 31,275,105 |  | 1,892,771
Fixed charges: |  |  |  |  |
Interest expensed and capitalized | 3,000,000 |  | 2,141,667 |  | -
Amortized premiums, discounts, & bond costs | 1,553,914 |  | 1,076,474 |  | -
Total fixed charges | 4,553,914 |  | 3,218,141 |  | -
Ratio of earnings to fixed charges | 3.83 |  | 9.72 |  | -