Synutra International, Inc. - FORM 10-K - EX-12.1 - EXHIBIT-12.1 - June 9, 2010

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10-K - FORM 10-K - Synutra International, Inc.dp18094_10k.htm
EX-10.20 - EXHIBIT-10.20 - Synutra International, Inc.dp18094_ex1020.htm
EX-32.2 - EXHIBIT-32.2 - Synutra International, Inc.dp18094_ex3202.htm
EX-10.3 - EXHIBIT 10.3 - Synutra International, Inc.dp18094_ex1003.htm
EX-32.1 - EXHIBIT-32.1 - Synutra International, Inc.dp18094_ex3201.htm
EX-10.2 - EXHIBIT-10.2 - Synutra International, Inc.dp18094_ex1002.htm
EX-23.1 - EXHIBIT-23.1 - Synutra International, Inc.dp18094_ex2301.htm
EX-10.21 - EXHIBIT-10.21 - Synutra International, Inc.dp18094_ex1021.htm
EX-10.1 - EXHIBIT-10.1 - Synutra International, Inc.dp18094_ex1001.htm
EX-10.19 - EXHIBIT-10.19 - Synutra International, Inc.dp18094_ex1019.htm
EX-10.17 - EXHIBIT-10.17 - Synutra International, Inc.dp18094_ex1017.htm
EX-31.2 - EXHIBIT-31.2 - Synutra International, Inc.dp18094_ex3102.htm
EX-31.1 - EXHIBIT-31.1 - Synutra International, Inc.dp18094_ex3101.htm
EX-10.18 - EXHIBIT-10.18 - Synutra International, Inc.dp18094_ex1018.htm
EX-21.1 - EXHIBIT 21.1 - Synutra International, Inc.dp18094_ex2101.htm
EX-10.22 - EXHIBIT-10.22 - Synutra International, Inc.dp18094_ex1022.htm
EX-10.4 - EXHIBIT-10.4 - Synutra International, Inc.dp18094_ex1004.htm
 


 
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EXHIBIT 12.1
 
SYNUTRA INTERNATIONAL, INC.
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
   
Year Ended March 31,
  
   
2010
    
2009
    
2008
    
2007
    
2006
  
   
(In thousands, except ratios)
  
Fixed charges:
                              
Interest expense
   $ 8,603     $ 4,857     $ 6,354     $ 1,896     $ 1,784  
Capitalized interest
     346       1,424       848       726       481  
Estimation of the interest within rental expense
     500       468       163       105       70  
Total fixed charges
   $ 9,449     $ 6,749     $ 7,365     $ 2,727     $ 2,335  
Earnings:
                                        
Add:
                                        
Income (loss) before income tax
   $ (31,776 )   $ (130,975 )   $ 53,527     $ 21,470     $ 12,482  
Fixed charges (calculated above)
     9,449       6,749       7,365       2,727       2,335  
Amortization of capitalized interest
     213       179       144       18       —  
Deduct:
                                        
Noncontrolling interest
     257       40       (11 )     —       —  
Capitalized interest
     (346 )     (1,424 )     (848 )     (726 )     (481 )
Total earnings
   $ (22,203 )   $ (125,431 )   $ 60,177     $ 23,489     $ 14,336  
Ratio of Earnings to Fixed Charges(1)
     —       —       8.2 x     8.6 x     6.1 x
(1)
For purposes of this calculation, “Earnings” is Income (loss) before income taxes plus Fixed Charges and Amortization of capitalized interest less Noncontrolling interest and Capitalized interest. “Fixed Charges” is Interest expense plus Capitalized interest and Estimation of the interest within rental expense.  Earnings were insufficient to cover fixed charges by $31.7 million and $132.2 million, for the fiscal year ended March 31, 2010 and 2009, respectively.
 
 
 

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