Chippac Liquidity Management Limited Liability F-4 Registration of securities (foreign)

Exhibit 12.1

STATS ChipPAC Ltd. historical
Ratio of earnings to fixed charges

	Proforma, Year Ended December 31, 2004			Fiscal Year Ended December 31,
				2000		2001			2002			2003		2004
Income (loss) before income taxes		(470,916	)		57,224		(143,142	)		(95,968	)		528		(456,001	)
Add
Interest expense		44,170			2,424		1,275			10,414			13,994		28,816
Portion of operating lease rental expense deemed by us to be representative of the interest factor		17,783			6,185		8,353			7,146			6,202		14,627
Earnings as adjusted		(408,963	)		65,833		(133,514	)		(78,408	)		20,724		(412,558	)
Fixed charges
Interest expense		44,170			2,424		1,275			10,414			13,994		28,816
Portion of operating lease rental expense deemed by us to be representative of the interest factor		17,783			6,185		8,353			7,146			6,202		14,627
		61,953			8,609		9,628			17,560			20,196		43,443
Ratio of earnings to fixed charges		—			7.6		—			—			1.0		—
Deficiency of earnings to cover fixed charges		(470,916	)		—		(143,142	)		(95,968	)		—		(456,001	)