EXHIBIT 12.1

 

BMB MUNAI, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

Three months ended
September 30,

 

Six months ended
September 30,

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

$ 4,040,009

 

$ 9,830,026

 

$ 4,070,791

 

$ 23,151,349

Add: Fixed charges

1,145,331

 

1,132,799

 

2,293,378

 

2,268,641

Add: Amortisation of capitalized interest

-

 

14,317

 

-

 

59,646

Less: Interest capitalized

-

 

1,132,799

 

-

 

2,268,641

 

 

 

 

 

 

 

 

Total earnings

5,185,340

 

9,844,343

 

6,364,169

 

23,210,995

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

750,000

 

750,000

 

1,500,000

 

1,500,000

Amortized premiums, discounts, &

bond costs

395,331

 

382,799

 

734,329

 

768,641

 

 

 

 

 

 

 

 

Total fixed charges

1,145,331

 

1,132,799

 

2,234,329

 

2,268,641

 

 

 

 

 

 

 

 

Ration of earnings to fixed charges

4.53

 

8.69

 

2.78

 

10.23