UNITED STATES

                         SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C. 20549

                                      FORM 10Q

                [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                       OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the quarterly period ended January 31, 1996

                                         OR

                   [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or
                    15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

              or the transition period from ___________ to ____________

                           Commission File Number 0-11718

                                   Stevia Company, Inc.
         _________________________________________________________________
              (Exact name of registrant as specified in its charter)


              Illinois                                    36-2967419 
            _______________________________         ____________________
            (State or other jurisdiction of         (I.R.S. Employer
              incorporation or organization)          Identification No.)


            1940 East Devon Avenue, Elk Grove Village,  Illinois     60007
            ______________________________________________________________

             (Address of principal executive offices)            (Zip Code)

          Registrant's telephone number, including area code: (847) 593-0226 

          Indicate by check mark whether the registrant (1) has filed all
          reports required to be filed by Section 13 or 15(d) of the
          Securities Exchange Act of 1934 during the preceding 12 months
          (or for such shorter period that the registrant was required to
          file such reports), and (2) has been subject to such filing
          requirements for the past 90 days.

          Yes   X   No         
          _____    _____

          Number of shares outstanding of common stock as of the close of
          the period covered by this report:  32,195,300

          Page 1 of 22 pages contained in the sequential numbering system.

<PAGE>

                           PART 1 - FINANCIAL INFORMATION



          Item 1.   FINANCIAL STATEMENTS




          Board of Directors and Shareholders
          Stevia Company, Inc.
          Elk Grove Village, Illinois






          The accompanying balance sheet of STEVIA COMPANY, INC. at January
          31,  1996 and the related statements of operations, shareholders'
          equity  and changes  in  financial position  for  the nine  month
          periods ended January 31, 1996  and 1995 were not audited; howev-
          er, the financial  statements for the  six months periods  ending
          January 31,  1996 and  1995 reflect  all adjustments  (consisting
          only of normal reoccurring adjustments) which are, in the opinion
          of  management,  necessary to  provide  a fair  statement  of the
          results of operations for the interim period presented.

          The financial statements  for the year ended April  30, 1995 were
          not audited pursuant  to Rule 210.3-11 promulgated  under Securi-
          ties  and Exchange Act of 1934; however, the financial statements
          for the fiscal year ending April 30, 1995 reflect all adjustments
          (consisting only of normal reoccurring adjustments) which are, in
          the opinion of management, necessary to provide  a fair statement
          of the results of operations for the fiscal year presented.








                                STEVIA COMPANY, INC.




          March 14, 1996


<PAGE>
<TABLE>

                                STEVIA COMPANY, INC.
                                   BALANCE SHEET
                                       ASSETS

<CAPTION>
                                            January 31, 1996  April 30, 1995
                                                Unaudited        Unaudited 
                                             ______________  ______________
<S>                                          <C>             <C>
   CURRENT ASSETS
      Cash                                               92          1,479
      Rents Receivable                                3,688              -
      Inventories                                    28,132         28,132
      Prepaid Expenses                                  616              9
                                               _____________  ______________
             Total Current Assets                    32,528         29,620 
   PROPERTY AND EQUIPMENT (Notes 1 and 3)
     Land                                             1,127          1,127
     Furniture and Equipment                         44,750         44,750
     Building                                       483,200        483,200
     Idle Equipment                                 121,728        121,728
                                               _____________  ______________
                                                    650,805        650,805
     Less:  Accumulated Depreciation                (79,441)       (67,079)
                                               _____________  ______________
                                                    571,364        583,726 
                                               _____________  ______________
   OTHER ASSETS
     Patents, Net of Amortization                    15,066         16,236
     Investment in Affiliated Company
       (Note 5)                                         -               - 
                                                ____________  ______________
                                                    618,958        629,582 
                                                ____________  ______________
</TABLE>
<TABLE>
<CAPTION>

                       LIABILITIES AND SHAREHOLDERS' EQUITY

<S>                                             <C>           <C>
   CURRENT LIABILITIES
     Accounts Payable                                30,803         26,520
     Notes Payable-Officer
      (Notes 5 and 7)                                 9,892         10,574
     Notes Payable-Other (Note 7)                     1,782          1,792
     Due to Affiliates (Note 5)                     324,150        308,009
     Accrued Executive Compensation                 124,524        124,524 
     Deferred Rent                                        -            489
     Accrued Expenses                                14,234         12,313
                                                 ___________  ______________
             Total Current Liabilities              505,385        484,221 
                                                 ___________  ______________
                                                 ___________  ______________
   NON-CURRENT LIABILITIES
     Tenant Security Deposit                          3,245          3,245 
                                                 ___________  ______________

   COMMITMENTS AND CONTINGENCIES
     (Notes 6, 11 and 12)                                -             -  
                                                 ___________  ______________

   SHAREHOLDERS' EQUITY (Notes 5, 8 and 9)
     Common Stock, No Par Value, 100,000,000
      Shares Authorized as of April 30, 1995
      and January 31, 1996; Issued 32,195,300
      Shares at April 30, 1995 and January 31,
        1996                                       2,088,001     2,088,001
     Additional Paid in Capital                          100           100
     Accumulated Deficit since July 31, 1985 in
      connection with Quasi-Reorganization
      (Note 9)                                    (1,977,773)   (1,945,985)
                                                 ____________  ______________
                                                     110,328       142,116 
                                                 ____________  ______________
                                                     618,958       629,582 
                                                 ____________  ______________

<FN>
     The accompanying notes are an integral part of the financial statements.

</TABLE>
<PAGE>
<TABLE>

                                  STEVIA COMPANY, INC.

                                 STATEMENT OF OPERATIONS

                                       Unaudited
<CAPTION>
       
                                Three Months Ended       Nine Months Ended   
                                    January 31,             January 31,
                                   1996        1995       1996        1995
                              __________  _________  __________  _________
<S>                           <C>         <C>        <C>         <C>
   REVENUES
     Sales                           -           -          -          -  

   COST OF SALES                     -           -                       
                              __________  _________  __________  _________
   Gross Profit (Loss)               -           -          -          -

   OPERATING EXPENSES
   Research and Development         676          899      2,028       2,697
     General and Administrative  14,865       14,974      45,132     45,840
                               ___________  _________  ___________ _________
                                 15,541       15,873      47,160     48,512
                               ___________  _________  ___________ _________
   Loss From Operations         (15,541)     (15,873)    (47,160)   (48,512)
                               ____________ _________  ___________ _________
     
   OTHER INCOME AND (EXPENSE)
     Gain (Loss) on Sale of         
       Property & Equipment
       (Note 3)                    -          (9,500)      -         (9,500)
     Miscellaneous Income          -            -          -            740
     Rental Income                5,392       4,868       15,372     14,605
                              ____________  _________  ___________ __________
                                (10,149)    ( 4,632)      15,372      5,845 
                              ____________  _________  ___________  _________
   NET LOSS                     (10,149)    (20,505)     (31,788)   (42,667)
                              ____________  _________  ___________  _________
     
                                
   NET LOSS PER COMMON SHARE
       (Note 10)                 (.001)       (.001)       (.001)     (.001)
                               ___________  __________  ___________  ________
                       
   WEIGHTED AVERAGE COMMON
    SHARES OUTSTANDING         32,195,300   32,195,300  32,195,300  32,195,300
                               ___________  __________  ___________ __________
          





<FN>
     The accompanying notes are an integral part of the financial statements.

</TABLE>
<PAGE>
<TABLE>

                                  STEVIA COMPANY, INC.

                            STATEMENT OF SHAREHOLDERS' EQUITY

                           NINE MONTHS ENDED JANUARY 31, 1996

                                      Unaudited
<CAPTION>
                                                                     Total
                                              Additional             Share-
                          Common Stock        Paid-in                holders'
                      Shares        Amount    Capital     (Deficit)  Equity
                     __________  __________  _________  ___________ _________
<S>                  <C>         <C>         <C>        <C>         <C>

  BALANCE
    May 1, 1995      32,195,300   2,088,001    100      (1,945,985)  142,116

  NET INCOME (LOSS)       -           -          -      (   31,788) ( 31,788)
                     __________  __________  _________  ___________ _________

  BALANCE,
    January 31, 1996  32,195,300   2,088,001    100      (1,977,773)  110,328
                     __________  __________  _________  ___________ _________





<FN>
     The accompanying notes are an integral part of the financial statements
</TABLE>
<PAGE> 
<TABLE>
                                   STEVIA COMPANY, INC.

                        STATEMENT OF CHANGES IN FINANCIAL POSITION

                                         Unaudited

<CAPTION>
        
                                               Nine Months Ended January 31,
                                                     1996             1995 
                                                ______________    _________
<S>                                             <C>               <C>
  OPERATING ACTIVITIES:
    Net Loss                                        (31,788)       (42,667)
    Adjustments to Reconcile Net (Loss) to Net
    Cash Used by Operating Activities:
    Depreciation and Amortization                    13,533         14,201
  Net Loss (Gain) from Sales of Equipment (Note 3)      -            9,500
    Changes in Operating Assets and Liabilities:
    (Increase) Decrease in Receivables               (3,688)           266
    (Increase) Decrease in Inventories
     and Prepaid Expenses                              (607)          (560)
  Increase (Decrease) in Accounts Payable and
    Accrued Expenses                                  5,714         (1,743)
  Increase (Decrease) in Due to Affiliates
    (Note 5)                                         16,141         11,572  
                                                 _____________     _________
  Net Cash Provided (Used) by Operating
   Activities                                          (695)        (9,481)
                                                 _____________     _________

 INVESTING ACTIVITIES:
  Net Proceeds From Sale of Equipment (Note 3)          -            8,000
                                                  _____________    _________
  Net Cash Provided (Used) by
  Investing activities                                  -            8,000 
                                                  _____________    _________

 FINANCING ACTIVITIES:
  Proceeds From (Repayments of) Notes (Note 7)         (692)         1,953 
                                                  _____________    _________
  Net Cash Provided (Used) by Financing
  Activities                                           (692)         1,953 
                                                  _____________    _________
  Increase (Decrease) in Cash and
  Cash Equivalents                                   (1,387)           472
  Cash and Cash Equivalents at
  Beginning of Period                                 1,479            236 
                                                  _____________    _________
Cash and Cash Equivalents at End of Period               92            708 
                                                  _____________    _________
<FN>
     The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>

                                 STEVIA COMPANY, INC.

                            NOTES TO FINANCIAL STATEMENTS



          1.   Summary of Significant Accounting Policies:

               Inventories - Harvested  crop inventories are stated  at the
          lower of cost (determined by actual specific production cost)  or
          market value (less estimated cost of disposal).

               Components of inventories are as follows:

                                           January 31, 1996  April 30, 1995
                                           ________________  ______________

                              Seeds             21,170           21,170
                              Leaves             6,962            6,962
                                           ________________  ______________
                                             $  28,132        $  28,132   
                                           ________________  ______________

               Research  and Development, and Patents - Research and devel-
          opment expenditures, including depreciation  of laboratory equip-
          ment,  are charged  to  operations  as incurred.    The costs  of
          obtaining  patents,  primarily  legal fees,  are  capitalized and
          amortized over seventeen years on the straight-line method.

               Property and Equipment  - Property and equipment  are stated
          at  cost.  Depreciation and amortization are computed,  primarily
          on  the straight-line and accelerated methods, over the estimated
          useful lives of  the respective assets.   Repairs and maintenance
          are charged  to expenses  as incurred;  renewals and  betterments
          which  significantly extend the useful lives of existing property
          and equipment are capitalized.

          2.   Company Organization and Description:

               Stevia Company, Inc. was incorporated under the laws of  the
          State of Illinois on November 22, 1976.

               The Company was organized  primarily to engage in  the busi-
          ness of developing and manufacturing natural products,  including
          sweeteners, derived from the Stevia rebaudiana plant.

          3.   Property and Equipment:

               In  1986, the Company  completed construction of  a building
          for a  sweetener production  facility in  Pueblo,  Colorado on  a
          parcel of land (25 acres) acquired by the Company.  The net price
          for construction of the building  was $483,200.  The Company also
          purchased certain equipment for its processing facility.  Comple-
          tion of  the processing  facility was terminated  in 1987  due to
          lack of funds.  See Footnote 13.

               On September 1, 1993, the Company entered  into a three-year
          lease  for its  Pueblo, Colorado  facility  with an  unaffiliated
          third  party.  The tenant was  granted two one-year options and a
          first right of refusal to  purchase the Pueblo, Colorado facility

<PAGE>

          in  the event  the Company  sells  or otherwise  disposes of  the
          facility.   The lease provides  for base rent of  $19,473 for the
          first  two years,  $20,466 for  the third  year, $22,394  for the
          first option year and $23,264 for the second option year.  

               On December 8, 1994, the Company said a portion of the     
          equipment  purchased for use in its sweetener production facility
          for  $8,000.   The  Company  realized a  loss  of $9,500  on this
          transaction.  See Note 5 below.

          4.   Idle Equipment:

               During the year ended April  30, 1990, the Company reclassi-
          fied   the building  and equipment described  in Note  3 as  idle
          facilities.   The carrying values of  idle equipment were written
          down to the restored and recoverable values.  (See Note 3).

          5.   Related Party Transactions:

               The Company was indebted to affiliated companies as follows:

                                                  January 31,    April 30,
                                                    1996           1995  
                                                  _________      _________
               F.K. Suzuki International, Inc.    $  70,412      $  70,412
               Biosynergy, Inc.                   $ 253,738      $ 237,597
                                                  _________      _________
                         Totals                   $ 324,150      $ 308,009
                                                  _________      _________
          
               The amount due to F.K. Suzuki International, Inc. is the net
          license fees due under an irrevocable exclusive license agreement
          with F.K. Suzuki International,  Inc. described in Note 12,  less
          certain  prepayments and  discounts with  regard  to         such
          license agreement.

               The  Company shares  common  offices  with Biosynergy,  Inc.
          Each   company has incurred  certain shared office expenses which
          have been allocated to  the other company.   The Company has  not
          been able to reimburse Biosynergy,  Inc. on a regular basis which
          has resulted in a net payable  of $253,738 at January 31, 1996 as
          compared to a  net payable of $237,597 at April 30, 1995.  Howev-
          er,  the Company paid  the proceeds  of $8,000  from the  sale of
          certain idle equipment (described in Note 3 above) to Biosynergy,
          Inc. to  reduce the  amount owed to  Biosynergy, Inc.  for shared
          expenses.                                            

               The Company and its affiliates are related through Common  
          Stock ownership as follows on January 31, 1996.

<PAGE>
<TABLE>
                                STEVIA COMPANY, INC.

                            NOTES TO FINANCIAL STATEMENTS


          5.   (Continued)
                         
                                   S T O C K   O F   A F F I L I A T E S
                           _________________________________________________
         <S>                  <C>      <C>           <C>            <C>  
                                                       F.K. Suzuki
                               Stevia  Biosynergy     International  Medlab
         Stock Owner          Company      Inc.            Inc.       Inc.
         ___________          ________ __________     _____________  _____

          Stevia Company, Inc.    -         13.8%             -         -
          Biosynergy, Inc.        .4%         -               -         -
          F.K. Suzuki
           International, Inc.  55.8%       18.8%             -      100.0%
          Medlab, Inc.            -           -               -         -
          Fred K. Suzuki,
          Officer/Director        -           -             35.6%       -
          Lauane C. Addis,
          Officer/Director        .1%         .1%           32.7%       -
          James F. Schembri,      .2%       12.9%             -         -
           Director

</TABLE>

               On  July 7, 1983,  Biosynergy, Inc. (an  affiliated company)
          successfully   completed  a public  offering.   As  part of  this
          public offering  the Company  exchanged 1,058,181  shares of  its
          Common  Stock for 2,000,000  shares of Biosynergy,  Inc.'s Common
          Stock.  The Common  Stock of the Company had no book value at the
          time  of the exchange; thus  no dollar value  was assigned to the
          transaction.    The Company  has  sold 100,000  of  these shares.
          Although Biosynergy,  Inc.'s Common Stock  can be  traded in  the
          over-the-counter market,  there is no established  public trading
          market for such Common Stock due to limited and sporadic trades.

               In  June, 1993, Fred  K. Suzuki,  President of  the Company,
          advanced $7,587.75 to  the Company for  payment of the  Company's
          share of the costs, including  legal fees, of settling a lawsuit.
          On October 10, 1994, Mr. Suzuki loaned $5,000  to the Company and
          on October 18, 1995 Mr. Suzuki loaned an additional $1,000 to the
          Company for payment of real estate taxes on the Company's facili-
          ty in Pueblo, Colorado.  See also Note 6.

          6.   Lease Commitments:

               The  Company shares offices  in Elk Grove  Village, Illinois
          with Biosynergy, Inc.  The  master lease for these offices, which
          expired January 31, 1996, is in the name of Biosynergy, Inc.  The
          total annual base  rent for these premises is  $62,574.36 for the
          lease year  ending January  31, 1996.   The Company's  portion is
          $9,386.15.    

               A  new 5 year master lease for the offices, effective
          February 1, 1996, is also in the name  of Biosynergy, Inc.  The
          total annual base  rent under  the new  lease is  $66,000 for the
          lease year ending January 31, 1997.  The Company's portion is
          $9,900.  

<PAGE>

                               STEVIA COMPANY, INC.
                           NOTES TO FINANCIAL STATEMENTS 

          7.   Notes Payable:  

               Notes Payable - Officer consists of the following:

               .    an unsecured note  dated July 1,  1993 in the  original
                    amount  of $7,588 payable to Fred K. Suzuki, President.
                    The note is due on demand and bears interest at 10% per
                    annum.   The principal balance due at  January 31, 1996
                    is $7,588.

               .    an unsecured note dated October 10,  1994 in the origi-
                    nal amount of $5,000 payable to Fred K.  Suzuki, Presi-
                    dent.   This note  provides for payment  in 12  monthly
                    installments  of  principal and  interest  of   $443.08
                    commencing December, 1994 and  bears interest at  11.5%
                    per annum.  The balance due on this note at January 31,
                    1996 is $1,304.

               .    an unsecured note dated October  18, 1995 in the origi-
                    nal amount of $1,000 payable to  Fred K. Suzuki, Presi-
                    dent.   This note provides  for payment in  six monthly
                    installments  of  principal  and  interest  of  $172.30
                    commencing  November, 1995 and  bears interest at 11.5%
                    per annum.   The  balance on this  note at  January 31,
                    1996 is $1,000.

               Notes Payable - Other consists of the following:

               .    an unsecured note dated October 10,  1994 in the origi-
                    nal principal amount  of $3,000 payable to  Laurence C.
                    Mead,  an officer  of Biosynergy,  Inc., an  affiliate.
                    The  note provides for  payment in 12  monthly install-
                    ments of  principal and interest of  $265.85 commencing
                    December, 1994 and  bears interest at 11.5%  per annum.
                    The balance on this note at January 31, 1996 is $782.

               .    an unsecured note dated October  18, 1995 in the origi-
                    nal amount of  $1,000 payable to  Laurence C. Mead,  an
                    officer  of Biosynergy, Inc.,  an affiliate.   The note
                    provides  for payment  in six  monthly installments  of
                    principal and interest of  $172.30 commencing November,
                    1995 and bears  interest at 11.5% per annum.   The bal-
                    ance on this note at January 31, 1996 is $1,000.

          8.   Shareholders' Equity:

               The  authorized capital  stock  of  Stevia  Company  is  one
          hundred million (100,000,000) shares of no par value Common Stock
          and one  hundred  thousand (100,000)  shares  of $100  par  value
          Preferred Stock.   The preferences, qualifications,  limitations,
          restrictions and  special or  relative rights  in respect  to the
          Preferred Stock are to be determined by the Board of Directors at
          the time of  their issuance, subject to limitations  set forth in
          the amended articles of incorporation.  As of April  30, 1995 and
          January 31, 1996, no shares of Preferred Stock were outstanding.

<PAGE>

                                STEVIA COMPANY, INC.
                           NOTES TO FINANCIAL STATEMENTS 


               As  of January  31,  1996, under  a special  incentive plan,
          stock options and stock appreciation rights for 230,000 shares of
          Common Stock  were granted  to 4  advisors, directors,  officers,
          consultants, and/or employees of the Company.  The exercise price
          for these shares is $.0625 per  share.  The Company has  reserved
          400,000 shares of  its Common Stock for this plan.   As permitted
          in the plan,  the directors of the Company  extended the termina-
          tion date (last date to grant options) of the  plan from February
          23, 1987 to December 31, 1989.   No further action has been taken
          to extend the term of the plan.

               On  November 1,  1989, the  Company's  Secretary, Lauane  C.
          Addis,  and President,  Fred K.  Suzuki, agreed  to forego  their
          salaries in exchange  for an option to purchase  83,333 shares of
          the  Company's no  par value  common  stock for  each month  they
          forfeited their  salary at  an option price  of $.025  per share.
          Accrual of these options was terminated effective April 30, 1991.
          These options may  be exercised  until one        year after  the
          respective  optionee  receives all  deferred compensation  due at
          October 31,  1989, the  optionee's salary is  reinstated, or  the
          optionee  is  no longer  employed  by the  Company,  whichever is
          later.  As of January 31,  1996, none of these options have  been
          exercised  and a  total of  2,999,988 shares  are subject  to the
          options.   These  options  provide  for  adjustments  to  prevent
          dilution in the event of capital reorganizations.

               Mr. Suzuki was granted an option to convert all or a portion
          of his deferred compensation into  shares of the Company's no par
          value  common stock  at a  conversion rate  of $.025  of deferred
          compensation per share.   Conversion can only occur  in the event
          the  Company has  sufficient liquid  assets to  pay all  employee
          taxes  due upon issuance  of the shares.   A   total of 1,448,917
          shares have been reserved for Mr. Suzuki's option.  No portion of
          the option has been exercised as of January 31, 1996.  The option
          provides  for adjustments  to prevent  dilution in  the event  of
          capital reorganizations.

          9.  Quasi-Reorganization:

               As    of   July   31,   1985,   the   Company   effected   a
          Quasi-Reorganization  which   resulted  in  the   elimination  of
          $1,201,810 of accumulated  deficit at the date  of reorganization
          and  a decrease  of  $1,201,810  in the  amount  of common  stock
          outstanding.

          10.  Income (Loss) per share:

               Net income (loss) per share is computed based on the weight-
          ed average  number of shares  of Common Stock  outstanding during
          the period, after  giving effect to stock splits.   The effect of
          exercise of  stock options  has  not been  presented as  exercise
          would be anti-dilutive.


<PAGE>

                                STEVIA COMPANY, INC.
                           NOTES TO FINANCIAL STATEMENTS 


          11.  Agreements, Licenses and Options:

               The Company  entered into  an irrevocable  exclusive license
          agreement with  F.K. Suzuki  International, Inc.,  parent of  the
          Company, in 1983.  For an  annual fee of $75,000, payable  begin-
          ning in January of 1987,  the Company received certain patent and
          other rights  owned by F.K. Suzuki International, Inc.  Effective
          May  1, 1988, the license agreement  was amended to provide for a
          royalty  payment  of 3%  of  revenues derived  from  the licensed
          technology in  lieu of  a set  fee.   There was  no fee  incurred
          during the nine month period ending January 31, 1996.

          12.  Income Taxes:

               There is  no provision for income taxes  in the accompanying
          financial  statements due  to the  Company's  net operating  loss
          position.   At April 30,  1995, net operating  loss carryforwards
          are available and expire, if not used, as follows:

                                        1995              119,376
                                        1996               51,092
                                        1997              292,440
                                        1998              224,075
                                        1999              167,356
                                        2000              302,320
                                        2001              423,843
                                        2002              389,355
                                        2003              328,154
                                        2004              189,389
                                        2005              133,704
                                        2006               74,264
                                        2007               73,470
                                        2008               49,568
                                        2009              119,410
                                                       __________
                                                       $2,937,678
                                                       __________

               The Company  has adopted Statement  of Financial  Accounting
          Standards  (SFAS)  No.  109, "Accounting  for  Income  Taxes" for
          fiscal year ending April 30, 1994 as required by SFAS No. 109.

               The effect, if any, of  adopting Statement No. 109 on pretax
          income from  continuing operations is not material.   The Company
          has elected  not to retroactively adopt the provisions allowed in
          SFAS No. 109;  however, all provisions of the  document have been
          applied since the beginning of fiscal year 1994.

          13.  Management's Plans:

               In view of  the fact that the Company has incurred losses of
          $55,831, $118,910 and $51,569 for the years ended April 30, 1995,
          1994, and 1993, respectively, management of the Company recogniz-
          es the  liability of the  Company is contingent upon  the Company
          obtaining  financing  so  it cancommence  operations  or  acquire
          alternative operations.  Before the Company can realize material 

<PAGE>

                                STEVIA COMPANY, INC.
                            NOTES TO FINANCIAL STATEMENTS

          operating revenues from its proposed operations, the Company must
          equipment and commence operations of a  processing facility.  The
          cost  of  equipping  a processing  facility  is  significant, and
          therefore  the Company's main  objective has been  to obtain such
          financing.   Management of the  Company has also pursued alterna-
          tives, such as  licensing its technology, selling  Stevia Company
          or  its assets, or  combining Stevia Company  with another enter-
          prise.  No agreements have been entered into for consummating any
          such transaction, and  there can be no assurance  such a transac-
          tion will be forthcoming.

          14.  Unaudited Financial Statements:

               The  Company's  Financial  Statements  for the  fiscal  year
          ending April 30,1995  were not audited pursuant  to Rule 210.3-11
          of Regulation SX promulgated under the Securities Exchange Act of
          1934, which  provides that  an  inactive entity  need not  submit
          audited financial statements  with reports filed pursuant  to the
          Securities Exchange Act of 1934.  Aninactive entity is defined as
          an entity not having gross receipts from all sources and expendi-
          tures for all purposes in excess of $100,000 each,  which has not
          purchased or  sold any of  its own stock, granted  options there-
          fore,  or levied any assessments against outstanding stock during
          the applicable fiscal  year, which has had no  material change in
          business, including any material acquisitions or dispositions  of
          assets, and which  is not required to publish   audited financial
          statements by  any  exchange  or  governmental  authority  having
          jurisdiction.  In the opinion  of Management, the Company met the
          criteria of an  inactive entity for the fiscal  year ending April
          30, 1995.

<PAGE>

          Item 2.   MANAGEMENT'S  DISCUSSION  AND   ANALYSIS  OF  FINANCIAL
                    _______________________________________________________
                    CONDITION AND RESULTS OF OPERATIONS                   
                    ___________________________________

          SALES/REVENUES         
          ______________

               The  Company had no sales during  the quarter ending January
          31, 1996 ("3rd Quarter") or  the nine month period ending January
          31, 1996.   The Company did  not produce rebaudioside A  or other
          products on a commercial basis  during these periods, and was not
          expected  to have sales.   Subject to  commencement of commercial
          operations, Management continues to believe that a market for its
          Stevia products could be developed.

               During  the quarter  ending January  31,  1996, the  Company
          realized rental income of $5,392 from leasing its Pueblo, Colora-
          do facility  under a  three-year lease to  an unaffiliated  third
          party.  This lease grants the  tenant first right of refusal upon
          the sale of other disposition of the Pueblo facility and provides
          for two one-year options.  The lease provides for rent of $19,743
          for  the first two years, $20,466 for the third year, $22,394 for
          the first option year and $23,264 for the second option year.

          COSTS AND EXPENSES
          __________________

               The overall operating  expenses of the Company  decreased by
          $332 or  2.09% during  the 3rd  Quarter as compared  to the  same
          quarter ending  in 1995 and  decreased by $1,352 or  2.78% during
          the nine month  period ended January 31, 1996 as  compared to the
          nine  month period ended  January 31, 1995.   Most of the current
          expenses  are  overhead  and  general  and  administration  items
          required to maintain the Company and its Pueblo, Colorado proper-
          ty.  It is not anticipated that  the expenses of the Company will
          materially  change until the  Company receives financing  or com-
          mences alternative operations.

          NET LOSS
          ________

               The  Company realized  a  net  loss of  $10,149  in the  3rd
          Quarter as compared  to a net loss of $20,505  in the comparative
          quarter in  1995 and realized a net loss  of $31,788 for the nine
          month period ending January 31, 1996 as compared to a net loss of
          $42,667 during the same period in 1995.  The Company's continuing
          losses  are due  to the  lack of  operating revenues,  which will
          continue  until such time as  the Company produces its sweeteners
          and other products  for sale or can  obtain alternative revenues.
          See "LIQUIDITY AND CAPITAL RESOURCES" below.

                As of April 30, 1995,  the Company has incurred net operat-
          ing losses  aggregating $2,937,678.   There  is no  provision for
          income taxes in the Financial Statements due to the Company's net
          operating loss position.  Furthermore, the Tax Reform Act of 1986
          will  not materially  alter  the  Company's  net  operating  loss
          carryforward position, and the  net operating loss  carryforwards
          will  be available  and expire,  if  not used,  as  set forth  in
          Footnote 12 to the Financial Statements for the 1st Quarter.  See
          "FINANCIAL STATEMENTS."

<PAGE>
          ASSETS/LIABILITY RATIO
          ______________________

               The ratio  of current assets to current liabilities (.064 to
          1) is not acceptable taking into consideration the Company's cash
          flow position.  The Company's current assets consist primarily of
          inventory.   It  is unknown  how much  inventory the  Company can
          sell, if any.  The  Company is not producing inventory and  there
          can be no assurance of long-term revenues, if any.  The inventory
          consists primarily  of Stevia leaves,  which have been  grown and
          harvested  by  the  Company  for use  in  its  initial processing
          operations or for  sale, and seeds which may be  used for growing
          more leaves.  See "LIQUIDITY AND CAPITAL RESOURCES" below. 

          LIQUIDITY AND CAPITAL RESOURCES
          _______________________________

               The Company's  net  working  capital  decreased  by  $18,256
          during  the nine  month  period  ending January  31,  1996.   The
          Company's negative net  working capital is due  to the continuing
          losses of the  Company.  The Company  had $92 in cash  and $3,688
          receivables at January 31, 1996.   This amount is insufficient to
          provide working  capital for the  ensuing quarter.    The Company
          does  not have,  nor does  it  anticipate obtaining  in the  near
          future, a working line of credit.

               The  Company's ability to generate cash adequate to meet its
          future needs depends upon its ability to obtain financing for the
          purpose of beginning revenue producing  operations.  In the event
          the Company is unable to  obtain financing, management will  seek
          out  alternatives, such  as licensing  the Company's  technology,
          selling the Company or  its assets, leasing the Company's  Pueblo
          facility, or combining the Company with other businesses.

               The Company  and  an affiliate,  Biosynergy,  Inc.  ("BSI"),
          share  office space,  and as  a  result, share  certain expenses.
          Both companies  account to  each other on  an on-going  basis for
          these shared  expenses.   The resulting payable  as of  April 30,
          1995  was $237,597  and  $253,738  as of  January  31, 1996.  The
          amounts due to BSI reflect on-going transactions in the  ordinary
          course of  business and do not represent any extraordinary trans-
          actions.  Expenses include rent,  salary for common employees and
          related benefits, payroll overhead,  utilities, and certain legal
          expenses.  Management of the Company believes it is more economi-
          cal to share these expenses with BSI, and will likely continue to
          do so in  the near future.   However, there  is no assurance  BSI
          will be in  a position or agree  to continue to extend  credit to
          the Company for these shared expenses. 

               On September  1, 1993, the Company entered into a three-year
          lease  for its  Pueblo, Colorado  facility  with an  unaffiliated
          third party.   The tenant was granted two one-year  options and a
          first right of refusal to purchase the Pueblo,  Colorado facility
          in  the event  the Company  sells  or otherwise  disposes of  the
          facility.   The lease provides  for base rent  of $19,473 for the
          first  two years,  $20,466 for  the third  year, $22,394  for the
          first option  year and $23,264 for  the second option year.   See
          "SALES/REVENUES"  above.  The proceeds from leasing such facility
          are used to offset expenses of the facility and to cover a portion
          of the general  and administrative expenses of  the Company.  

<PAGE>

          However, the  cash flow from leasing the facility in Pueblo is not
          sufficient to cover all of the expenses  of the Company  for the
          ensuing year,  and furthermore,  there can  be no  assurance the
          Company will  be  able to continue leasing its facility.

               The Company owns 1,900,000 shares of BSI common stock.  Such
          common stock  can be  traded in  the over-the-counter  market and
          stock prices  are recorded  on "pink sheets."   The bid  price at
          January 31,  1996 was estimated to  be $.01 per share.   Although
          the Company is free to currently sell these shares of Biosynergy,
          Inc.  common stock, it does not  have plans to do  so in the near
          future.  See Footnote 5 of the "FINANCIAL STATEMENTS." 

<PAGE>

                                PART II - OTHER INFORMATION             
                                ___________________________

          Item 6.   EXHIBITS AND REPORTS ON FORM 8-K.                   
                    _________________________________

          A.   The  following  Exhibits  are  included  herein pursuant  to
               Section 601:

               (3)  

                    (a)  Articles of Incorporation (i)
              
                    (b)  By-Laws (ii)

               (10) Material Contracts.

                    (a)  Lease Agreement, dated  September 1, 1993, between
                         the Company and  Pacific Aero Manufacturing,  Inc.
                         (iii)

                    (b)  Promissory Note dated July 1, 1993 payable to Fred
                         K. Suzuki in the amount of $7,587.75. (iii)

                    (c)  Installment  Promissory  Note  dated  October  10,
                         1994,  payable to Fred  K. Suzuki in the amount of
                         $5,000. (iv)

                    (d)  Installment  Promissory  Note  dated  October  10,
                         1994, payable to Laurence C. Mead in the amount of
                         $3,000. (iv)

                    (e)  Installment Promissory Note dated October 18, 1995
                         payable to Fred K. Suzuki in the amount of $1,000.
                         (v)

                    (f)  Installment Promissory Note dated October 18, 1995
                         payable  to  Laurence  C. Mead  in  the  amount of
                         $1,000. (v)

               (15) Letter dated  March 13, 1996, regarding  interim finan-
          cial information. (vi)

               (27) Financial Data Schedule attached hereto as Exhibit 27.

          B.   No Current Reports  on Form 8K were filed during  the period
               covered by this Report.
[FN]
        _________________________
     
                    (i)    Incorporated  by  reference  to  a  Registration
          Statement filed  on Form  S-18 with  the Securities  and Exchange
          Commission,  1933 Act,  Registration Number  2-87364C, under  the
          Securities Act  of 1933, as  amended, and incorporated  by refer-
          ence, to the  extent of Articles  of Amendment, to  Form 10K  for
          Fiscal
          Year Ending April 30, 1986 filed with the Securities and Exchange
          Commission.

                    (ii) Incorporated by  reference to Form 10K  for Fiscal
          Year Ending April 30, 1987 filed with the Securities and Exchange
          Commission.

<PAGE>

                   (iii) Incorporated by  reference to Form 10K  for Fiscal
          Year ending April 30, 1994 filed with the Securities and Exchange
          Commission.

                    (iv) Incorporated by  reference to Form 10K  for Fiscal
          Year Ending April 30, 1995 filed with the Securities and Exchange
          Commission.

                    (v)  Incorporated  by  reference to  Form  10Q  for the
          Quarter  ending October  31, 1995  filed with Securities  and Ex-
          change Commission. 

                    (vi)  This Exhibit is included in this report as a part
          of the  Financial Statements,  and is  incorporated by  reference
          herein.

<PAGE>

                                       SIGNATURE
                                       ---------

               Pursuant  to the requirements of the Securities Exchange Act
          of 1934, the registrant  has duly caused this report to be signed
          on its behalf by the undersigned thereunto duly authorized.

          STEVIA COMPANY, INC.

          Date March 15, 1996                /s/ FRED K. SUZUKI /s/    
                                             ______________________________
                                             Fred K. Suzuki, President,
                                             Chairman of the Board, Chief 
                                             Accounting Officer and       
                                             Treasurer

          Date March 15, 1996                /s/ LAUANE C. ADDIS /s/    
                                             ______________________________
                                             Lauane C. Addis, Secretary,
                                             Corporate Counsel and        
                                             Director

<PAGE>
                                        SIGNATURES


               Pursuant  to the requirements of the Securities Exchange Act
          of 1934, the registrant  has duly caused this report to be signed
          on its behalf by the undersigned thereunto duly authorized.

          STEVIA COMPANY, INC.

          Date March 15, 1996                                        
                                             ______________________________
                                             Fred K. Suzuki, President,
                                             Chairman of the Board,  
                                             Chief Accounting Officer and 
                                             Treasurer

          Date March 15, 1996                                           
                                             ______________________________
                                             Lauane C. Addis, Secretary,
                                             Corporate Counsel and        
                                             Director


<PAGE>


                          SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C. 20549


                                       FORM 10Q

                    Annual Report Pursuant to Section 13 or 15(d)

                                          of

                       THE SECURITIES AND EXCHANGE ACT OF 1934

                        For the period ending January 31, 1996
                           Commission File Number: 0-11718

                                 STEVIA COMPANY, INC.                 
          _________________________________________________________________
                     (Exact name of registrant as specified in charter)

                                1940 East Devon Avenue
                          Elk Grove Village, Illinois 60007

                                   (708) 593-0226                         
          _________________________________________________________________
          (Address and telephone number of registrant's principal executive
           office on a principal place of business)


                                       EXHIBITS                            
                                       ________

<PAGE>
                                     EXHIBIT INDEX     
                                     _____________


                                                                Page      
                                                                Numbering
                                                                Pursuant to
                                                                Sequential
          Exhibit                                               Numbering
          Number            Exhibit                             System  
          _________________________________________________________________

          27               Financial Data Schedule                 E-1

<PAGE>