EXHIBIT 12.1
Norama Ltd.
Statement Re: Computation of Ratios
(dollars in thousands)
Historical Pro Forma
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Six Months Twelve Months
Six Months Ended Year Ended Ended Ended
Year ended March 31, September 30, March 31, September 30 September 30,
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1999 2000 2001 2002 2003 2002 2003 2003 2003 2003
Earnings:
Income (loss) from operations
before income taxes $3,606 $15,142 $(3,575) $2,298 $19,109 $(1,190) $(1,084) $(6,110) $7,332 $13,068
Plus fixed charges 1,388 1,276 3,034 3,510 4,162 1,492 1,926 28,564 14,119 28,401
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Earnings $4,994 $16,418 $(541) $5,808 $23,271 $302 $842 $22,454 $21,451 $41,469
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Fixed charges:
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Interest expense $1,388 $1,276 $3,034 $3,510 $4,162 $1,492 $1,926 $28,564 $14,119 $28,401
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Ratio of Earnings to Fixed Charges(1) 3.6 12.9 - 1.7 5.6 - - - 1.5 1.5
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(1)For the purposes of calculating the ratio of earnings to fixed charges, (a) earnings consists of earnings (loss) before fixed
charges and income taxes and (b) fixed charges consist of interest expense on all indebtedness, including capital lease obligations.
During the periods presented, no interest costs have been capitalized. The dollar amount of the deficiency as calculated in
accordance with U.S. GAAP was $3,575 for the fiscal year ended March 31, 2001, $1,190 for the six months ended September 30, 2002
and $1,084 for the six months ended September 30, 2003. The pro forma deficiency for the fiscal year ended March 31, 2003 was $6,110
as calculated in accordance with U.S. GAAP.