Exhibit 12.1

CALCULATION OF EARNINGS TO FIXED CHARGES RATIO SUCCESSOR COMPANY



                                         										     Year ended 
										                                            March 31, 1998
									                                        (POUNDS)          $

                                 									      (Amounts in millions)
Earnings

Pretax income from continuing operations             16             26
Adjustments to include distributed income 
of less than 50% owned persons                        -              -
Add: Amortization charge on capitalized interest      1              2
Less: Interest capitalized in the period              -              -
									                                          	____           ____
Total earnings before fixed charges                  17             28
										                                          ____           ____

Fixed charges

Interest expense                                    121            203
Interest capitalized                                  -              -
									                                          ____           ____
Total fixed charges                                 121            203
									                                         	____           ____
Total earnings and fixed charges                    138            231

Ratio of earnings/fixed charges                             1.1

<PAGE>

<TABLE>
CALCULATION OF EARNINGS TO FIXED CHARGES RATIO PREDECESSOR COMPANY

<CAPTION>

                               		     Year ended March 31
																	                                                        Proforma
																		                                                         year
																	                                                            ended
										                                                              	March 31

                         		       			1994         1995         1996       1997            1997
							                            (POUNDS)    (POUNDS)     (POUNDS)    (POUNDS)       (POUNDS)
<C>                                 <S>         <S>           <S>        <S>             <S>  
												                          (Amounts in millions)

Earnings
Pretax income from continuing
 operations                         143         219           507        39              26
Adjustments to include distributed
    income of less than 50% 
    owned persons                     2          (1)            -         -               -
Add: Amortization charge on
     capitalized interest             -           1             1         1               1
Less: Interest capitalized in
 the period                          (6)          -             -         -               -
								                            ____        ____          ____      ____            ____
Total earnings before
 fixed charges                      139          219          508        40              27
                        								    ____        ____          ____      ____            ____


Fixed charges

Interest expense                     18           23           46        48             122
Interest capitalized                  6            -            -         -               -
								                           ____         ____          ____      ____            ____
Total fixed charges                  24           23           46        48             122
								                           ____         ____          ____      ____            ___

Total earnings and
 fixed charges                      163          242          554        88             149
Ratio of earnings/fixed charges     6.8         10.5         12.0       1.8             1.2
</TABLE>