Exhibit 12.1

HEXION SPECIALTY CHEMICALS, INC.

Statement regarding Computation of Ratios

(Amounts in millions of dollars)

	Pro forma Three months ended March 31, 2005		Three months ended March 31,				Year ended December 31,
			2006		2005		2005(1)			2004(2)			2003			2002			2001
Pre-tax (loss) from continuing operations	$	55	$	55	$	5	$	(29	)	$	(113	)	$	(100	)	$	(24	)	$	(6	)
Add back
Loss (gain) from equity investees		—		—		—		—			—			(2	)		(1	)		—
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees		55		55		5		(29	)		(113	)		(102	)		(25	)		(6	)
Fixed charges:
Interest expense		55		54		45		224			118			77			65			70
Interest element of lease costs (3)		2		2		2		9			5			3			3			2
Preferred stock dividend requirements of consolidated subsidiaries		—		13		—		30			—			—			—			—
Total fixed charges		57		69		47		263			123			80			68			72
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries		112		111		52		204			10			(22	)		43			66
Ratio of earnings to fixed charges (4)		1.96		1.6		1.1		N/A			N/A			N/A			N/A			N/A

(1) Includes data for Bakelite from date of acquisition by Borden Chemical on April 29, 2005.

(2) Includes data for Resolution Specialty from August 2, 2004 and for Borden Chemical from August 12, 2004, their respective dates of acquisition by Apollo.

(3) The interest element of lease costs has been calculated as 1/3 of the rental expense relating to operating leases as management believes this represents the interest portion hereof.

(4) Our earnings were insufficient to cover fixed charges and preferred stock dividend requirements by $59, $113, $102, $25, and $6 for the years ended December 31, 2005, 2004, 2003, 2002, and 2001.