Exhibit 12.1

ExlService Holdings, Inc

Unaudited Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends

	Six Months Ended				Year Ended
	June 30, 2009		June 30, 2008		December 31, 2008		December 31, 2007		December 31, 2006		December 31, 2005			December 31, 2004
	(All figures in thousands except ratios)
Income (loss) from continuing operations before income taxes and minority interests	$	4,646	$	6,918	$	9,797	$	16,601	$	6,356	$	(1,650	)	$	2,271
	$	4,646	$	6,918	$	9,797	$	16,601	$	6,356	$	(1,650	)	$	2,271
Fixed charges:
Interest and other financial charges (a)		0		0		0		0		350		675			869
One-third of rental expense(b)		894		985		1,795		1,110		635		619			449
Total fixed charges		894		985		1,795		1,110		985		1,294			1,318
Adjusted earnings from continuing operations before income taxes and minority interests	$	5,540	$	7,903	$	11,591	$	17,711	$	7,342	$	(356	)	$	3,589
Ratio of earnings to fixed charges		6.2		8.0		6.5		16.0		7.5		N/A	(c)		2.7
Preferred stock dividend requirements	$	—	$	—	$	—	$	—	$	617	$	249		$	—
Ratio of earnings before provision for income taxes to earnings from continuing operations (d)		1.1		0.9		0.9		0.9		0.9		1.0			0.8
Preferred stock dividend factor on pre-tax basis		—		—		—		—		584		249			—
Fixed charges		894		985		1,795		1,110		985		1,294			1,318
Total fixed charges and preferred stock dividend requirements	$	894	$	985	$	1,795	$	1,110	$	1,569	$	1,543		$	1,318
Ratio of earnings to combined fixed charges and preferred stock dividend (d)		6.2		8.0		6.5		16.0		4.7		N/A	(e)		2.7

(a) Represents interest on senior long-term debt, interest on preferred stock and amortization of deferred financing and issuance costs.

(b) Represents approximately one-third of rent expense deemed for this purpose to represent the interest component of rental payments.

(c) Earnings were insufficient to cover fixed charges by $1,650 for the year ended December 31, 2005.

(d) Exl reported pre-tax losses for the year ended December 31, 2005; accordingly, the preferred dividend factor equal the preferred dividend requirements.

(e) Earnings were insufficient to cover fixed charges and preferred dividends by $1,899 for the year ended December 31, 2005.