Transcorp Pte F-3ASR Automatic shelf registration (foreign)

Exhibit 12.1

Ratio of Earnings to Fixed Charges

The following table sets forth our unaudited ratio of earnings to fixed charges for each of the preceding five fiscal years.

	For The Years Ended December 31,
	2005		2006		2007		2008		2009
(In thousands of U.S. dollars)
Earnings
Net income	$	209,546	$	180,798	$	167,707	$	181,611	$	192,598
Add: Fixed charges		111,935		113,588		131,525		128,795		117,653
		321,481		294,386		299,232		310,406		310,251
Less: Interest capitalized		—		—		1,124		1,603		578
Total earnings	$	321,481	$	294,386	$	298,108	$	308,803	$	309,673
Fixed charges
Interest expensed and capitalized	$	95,411	$	110,519	$	128,167	$	125,018	$	112,146
Amortization and write-off of capitalized expenses relating to indebtedness		16,524		3,069		3,358		3,777		5,507
Total fixed charges	$	111,935	$	113,588	$	131,525	$	128,795	$	117,653
Ratio of earnings to fixed charges		2.87x		2.59x		2.27x		2.40x		2.63x
	(In thousands of U.S. dollars)

For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of net income available to common shareholders plus interest expense and any amortization and write-off of capitalized expenses relating to indebtedness. Fixed charges consist of interest expense and capitalized interest, the interest portion of rental expense and amortization and write-off of capitalized expenses relating to indebtedness.