EXHIBIT 12.1

 

BMB MUNAI, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

 

 

2008

 

2007

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

Income before income taxes

$13,321,323

 

$ 5,409,688

 

Add: Fixed charges

1,135,842

 

-

 

Add: Amortisation of capitalized interest

16,963

 

-

 

Less: Interest capitalized

1,135,842

 

-

 

 

 

 

 

 

Total earnings

13,338,286

 

5,409,688

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

750,000

 

-

 

Amortized premiums, discounts, & bond costs

385,842

 

-

 

 

 

 

 

 

Total fixed charges

1,135,842

 

-

 

 

 

 

 

 

Ration of earnings to fixed charges

11.74

 

-