EXHIBIT 12



BORDEN CHEMICAL, INC.

RATIO OF
EARNINGS TO FIXED CHARGES

(In thousands)



|                                                 |  |      |         |   |      |   |        |  |   |        |   |  |      |          |   |  |   |         |  
|------------------------------------------------ |  | ---- | ------- | - | ---- | - | ------ |  | - | ------ | - |  | ---- | -------- | - |  | - | ------- | -
|                                                 |  | 2004 |         |   | 2003 |   | 2002   |  |   | 2001   |   |  | 2000 |         
|Pre-tax (loss) income from continuing operations |  | $    | (33,331 | ) |      | $ | 18,317 |  | $ | (9,020 | ) |  | $    | (167,437 | ) |  | $ | (84,660 | )
|Add back (deduct):                               |  |      |         |   |      |   |        |  |   |        |   |  |      |          |   |  |   |         |  
|Minority interest expense (income)               |  |      | 940     |   |      |   | 163    |  |   | 900    |   |  |      | (184     | ) |  |   | (418    | )
|(Loss) income from equity investees              |  |      | (151    | ) |      |   |       |  |   |       |   |  |      | 1,452    |   |  |   | 1,536   |  
|Fixed charges                                    |  |      | 69,240  |   |      |   | 51,817 |  |   | 54,223 |   |  |      | 72,664   |   |  |   | 91,264  |  
|                                                 |  |      |         |   |      |   |        |  |   |        |   |  |      |          |   |  |   |         |  
|                                                 |  | $    | 36,698  |   |      | $ | 70,297 |  | $ | 46,103 |   |  | $    | (93,505  | ) |  | $ | 7,722   |  
|                                                 |  |      |         |   |      |   |        |  |   |        |   |  |      |          |   |  |   |         |  
|Fixed Charges                                    |  |      |         |   |      |   |        |  |   |        |   |  |      |          |   |  |   |         |  
|Interest expensed and capitalized                |  | $    | 64,618  |   |      | $ | 46,138 |  | $ | 47,315 |   |  | $    | 51,613   |   |  | $ | 62,654  |  
|Affiliated interest expense, net                 |  |      | 138     |   |      |   | 558    |  |   | 1,857  |   |  |      | 14,529   |   |  |   | 20,963  |  
|Interest element of lease costs (a)              |  |      | 4,484   |   |      |   | 5,121  |  |   | 5,051  |   |  |      | 6,522    |   |  |   | 7,647   |  
|                                                 |  |      |         |   |      |   |        |  |   |        |   |  |      |          |   |  |   |         |  
|                                                 |  | $    | 69,240  |   |      | $ | 51,817 |  | $ | 54,223 |   |  | $    | 72,664   |   |  | $ | 91,264  |  
|                                                 |  |      |         |   |      |   |        |  |   |        |   |  |      |          |   |  |   |         |  
|Ratio of earnings to fixed charges               |  |      | (b      | ) |      |   | 1.4:1  |  |   | (b     | ) |  |      | (b       | ) |  |   | (b      | )

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|(a) | The interest element of lease costs has been calculated as 1/3of the rental expense relating to operating leases as management believes this represents the interest portion thereof. In 2004, $435 of capitalized interest is included in interest expense.
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|(b) | For the years ended December 31, 2004, 2002, 2001 and 2000, fixed charges exceeded earnings by $32,542, $8,120, $166,169 and $83,542, respectively.
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