EXHIBIT 12.1
BMB MUNAI, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Three months ended December 31, |
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| 2008 |
| 2007 |
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Earnings: |
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(Loss)/income before income taxes | $ (8,292,982) |
| $ 9,856,062 |
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Add: Fixed charges | 1,146,399 |
| 1,134,299 |
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Add: Amortisation of capitalized interest | 11,927 |
| 4,769 |
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Less: Interest capitalized | 1,146,399 |
| 1,134,299 |
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Total earnings | (8,281,055) |
| 9,860,831 |
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Fixed charges: |
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Interest expensed and capitalized | 750,000 |
| 750,000 |
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Amortized premiums, discounts, & bond costs | 396,399 |
| 384,299 |
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Total fixed charges | 1,146,399 |
| 1,134,299 |
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Ration of earnings to fixed charges | (7.22) |
| 8.69 |
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BMB MUNAI, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Nine months ended December 31, |
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| 2008 |
| 2007 |
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Earnings: |
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Income before income taxes | $ 14,858,367 |
| $ 22,746,163 |
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Add: Fixed charges | 3,415,040 |
| 2,091,421 |
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Add: Amortisation of capitalized interest | 120,425 |
| 13,459 |
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Less: Interest capitalized | 3,415,040 |
| 2,091,421 |
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Total earnings | 14,978,792 |
| 22,759,622 |
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Fixed charges: |
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Interest expensed and capitalized | 2,250,000 |
| 1,391,667 |
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Amortized premiums, discounts, & bond costs | 1,165,040 |
| 699,754 |
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Total fixed charges | 3,415,040 |
| 2,091,421 |
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Ration of earnings to fixed charges | 4.39 |
| 10.88 |
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