EXHIBIT 21



BORDEN CHEMICAL, INC.



SUBSIDIARIES AS OF DECEMBER 31, 2004



|                                                      |  |                                                                    |  |                                                           
|----------------------------------------------------- |  | ------------------------------------------------------------------ |  | ----------------------------------------------------------
|Subsidiaries:                                         |  | The percentage of votingsecurities owned, or otherbasis of control |  | State or other jurisdictionof incorporation ororganization
|Alba Adesivos Industria E Comercio Ltda.              |  | 100                                                                |  | Brazil                                                    
|Alisa, S.A.                                           |  | 100                                                                |  | Colombia                                                  
|BCHP LLC                                              |  | 100                                                                |  | Delaware                                                  
|BCMP Colombia S.A.                                    |  | 100                                                                |  | Colombia                                                  
|BDS Two, Inc.                                         |  | 100                                                                |  | Delaware                                                  
|Borden Chemical (M.) Sdn. Bhd.                        |  | 100                                                                |  | Malaysia                                                  
|Borden Chemical Australia (Pty.) Ltd.                 |  | 100                                                                |  | Australia                                                 
|Borden Chemical Canada, Inc. Borden Chemical GB, Ltd. |  | 100100                                                             |  | CanadaUK                                                  
|Borden Chemical Finance, Ltd.                         |  | 100                                                                |  | UK                                                        
|Borden Chemical Foundry, Inc.                         |  | 100                                                                |  | Delaware                                                  
|Borden Chemical Holdings (Panama), S.A.               |  | 100                                                                |  | Panama                                                    
|Borden Chemical International, Inc.                   |  | 100                                                                |  | Delaware                                                  
|Borden Chemical Investments, Inc.                     |  | 100                                                                |  | Delaware                                                  
|Borden Chemical U.K. Limited                          |  | 100                                                                |  | UK                                                        
|Borden Chimie, S.A.                                   |  | 98                                                                 |  | France                                                    
|Borden International Holdings, Ltd.                   |  | 100                                                                |  | UK                                                        
|Borden Nova Scotia Finance, ULC                       |  | 100                                                                |  | Nova Scotia                                               
|Borden Quimica Industria e Comercio Ltda.             |  | 99                                                                 |  | Brazil                                                    
|Borden U.S. Finance Corp.                             |  | 100                                                                |  | Delaware                                                  
|Compania Quimica Borden, S.A.                         |  | 100                                                                |  | Panama                                                    
|Fentak (Malaysia) Sdn. Bhd.                           |  | 100                                                                |  | Malaysia                                                  
|Fentak Pty Limited                                    |  | 100                                                                |  | Australia                                                 
|HA-International, LLC                                 |  | 70                                                                 |  | Pennsylvania                                              



NOTE: The above subsidiaries have been
included in Registrants Consolidated Financial Statements on a consolidated or equity basis as appropriate. The names of certain subsidiaries, active and inactive, included in the Consolidated Financial Statements and of certain other
subsidiaries not included therein, are omitted since when considered in the aggregate as a single subsidiary they do not constitute a significant subsidiary.