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Exhibit 12.1


WH HOLDINGS (CAYMAN ISLANDS) LTD.
RATIO OF EARNINGS TO FIXED CHARGES

 
   
   
   
   
   
   
  Three months ended
 
   
   
   
  January 1 to
July 31

  August 1 to
December 31

   
 
   
   
   
   
  March 31,
2003

  March 31,
2004

 
  1999
  2000
  2001
  2002
  2003
Earnings:                                
Income before income taxes(1)   93,237   62,237   71,463   15,479   28,991   65,568   29,245   9,364
Add fixed charges:                                
  Interest expense(2)   2,785   1,466   2,768   1,986   26,101   48,659   11,691   23,229
  one-third of rental expense(3)   6,113   7,320   6,666   3,864   2,868   6,984   1,700   1,769
   
 
 
 
 
 
 
 
Total Earnings plus fixed charges   102,135   71,023   80,897   21,329   57,960   121,211   42,636   34,362
   
 
 
 
 
 
 
 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense(2)   2,785   1,466   2,768   1,986   26,101   48,659   11,691   23,229
  one-third of rental expense   6,113   7,320   6,666   3,864   2,868   6,984   1,700   1,769
   
 
 
 
 
 
 
 
  Total fixed charges   8,898   8,786   9,434   5,850   28,969   55,643   13,391   24,998
   
 
 
 
 
 
 
 

 

 

8.71%

 

12.37%

 

11.66%

 

27.43%

 

49.98%

 

45.91%

 

31.41%

 

72.75%
   
 
 
 
 
 
 
 
Ratio of Earnings to fixed charges (4)   11.5   8.1   8.6   3.6   2.0   2.2   3.2   1.4
   
 
 
 
 
 
 
 

(1)
amount represents income before income taxes after deducting the minority interest

(2)
Interest expense includes amortization of deferred financing fees

(3)
amount of rental expense deemed representative of that portion of rental expense estimated to be attributable to interest.

(4)
In calculating the ratio of earnings to fixed charges, earnings consist of income before income taxes plus fixed charges. Fixed charges consist of interest expense (which includes amortization of derred financing costs) and one-third of rental expense.



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WH HOLDINGS (CAYMAN ISLANDS) LTD. RATIO OF EARNINGS TO FIXED CHARGES