U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                FORM 10-KSB

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
                1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003




                                Jasmine's Garden
                      -----------------------------------
                     (Exact name of issuer in its charter)


       Nevada                                          91-2132336
------------------------                       ---------------------------
(State of Incorporation)                       (I.R.S. Employer  I.D. No.:)

                               32740 Greene Drive
                             Springville, CA 93265
                            (559) 539-0923 (PHONE)
                              (559) 539-5113 (FAX)
          ------------------------------------------------------------
         (Address and telephone number of principal executive offices)


SECURITIES REGISTERED UNDER SECTION 12(B) OF THE EXCHANGE ACT:

None

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

Title of each class to be so registered

Common Stock

Check whether the issuer (1) filed all reports to be filed by Section 13 or
15(d) of the Exchange Act during the past 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
                                                               -----    -----

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-
KSB or any amendments to this Form 10-KSB.  [ X ]
<PAGE>

The issuer's revenues for the Fiscal Year ended December 31, 2002 were $4,661.
The aggregate market value of the voting stock (which consists solely of shares
of Common Stock) held by non-affiliates of the issuer as of December 31, 2002,
computed by reference to the market value of the registrant's common stock, as
determined by reference to Jasmine's initial public offering price of its
shares, pursuant to From SB-2, was approximately $6,015,400.

As at December 31, 2002, there were 6,015,400  shares of the issuer's common
stock outstanding.

Transitional Small Business Disclosure Format (check one)  Yes       No  X
                                                              -----     -----
<PAGE>

                               TABLE OF CONTENTS
                               -----------------
   PART I


Item 1     Description of Business ...................................   3

Item 2     Description of Property....................................   6

Item 3     Legal Proceedings .............. proxy statement

Item 4     Submission of Matters to a
           Vote of Security Holders.........proxy statement

   PART II

Item 5     Market for Common Equity and
           Related Stockholder Matters .... proxy statement

Item 6     Management's Discussion and
           Analysis of Financial Condition
           and Results of Operations ................................   9

Item 7     Financial Statements and
           Supplementary Data ........................................  10

Item 8     Changes in and Disagreements with
           Accountants on Accounting and
           Financial Disclosure ......................................  10

   PART III

Item 9     Directors and Executive Officers
           of the Registrant .............   Proxy statement

Item 10    Executive Compensation ........   Proxy statement

Item 11    Security Ownership of Certain
           Beneficial Owners and Management  Proxy statement

Item 12    Certain Relationships and
           Related Transactions ......................................   13

Item 13    Exhibits and Reports on Form 8-K ..........................   13

SIGNATURES ...........................................................   19

<PAGE>

PART 1
                                JASMINE'S GARDEN

                               2002 ANNUAL REPORT

Dear Shareholder:

The first full year of operation for Jasmine's Garden has been very exciting
and also very intriguing. Expectations regarding the Company's product appeal
have been fully realized. Greeting cards, note cards, and gift cards with
unique designs have been accepted well by customers. The products are sold at
various outlets and via the internet using the Company website as its
storefront. Sales have been small initially and as the Company explores
different means of merchandising, the more successful approaches will be
expanded. The business model initially adopted by the Company has been adhered
to and as seen by the financial statements operations have yielded amazing
profits. The gross income is minimal but overall expenses likewise are well
controlled yielding good percentage yields.

During 2002 the Company filed with the Securities and Exchange Commission to
sell its stock to the public. To date 15,400 shares have been sold thus raising
some of the capital it will need to expand sales. The IPO market is extremely
weak and consequently the sale of stock has suffered. The Company will continue
to explore means by which it can sell its remaining shares in order to raise
the capital needed.

Also during 2002 the Company applied for trading on the OTC Bulletin Board. It
had as its sponsor National Capital Corporation and National filed a 15c-211
form with the NASD. The NASD approved Jasmine's Garden for trading and it did
in fact start trading with the symbols JASG. Two weeks after trading started,
National Capital Corporation had to shut down its operations due to internal
financial problems and could no longer make markets in any stock. That
unrelated event caused the company to lose its quote for its securities until
another sponsoring market maker could be found. The Company is looking for
another sponsor to refile the 15c-211 form.

The Company intends to stay the course since management is fully satisfied with
its first year results. The business plan appears sound and since the gross
profit margins are good , no major changes are expected in the current
approach.


Sincerely,

Jack Gregory
-----------------------
Jack Gregory, President
<PAGE>

                             BUSINESS OF THE COMPANY

Jasmine's Garden was founded on the basis that a very unique product style
existed with the amalgamation of disciplines possessed by Jasmine Gregory. With
expertise in art, fashion, photography, and computer graphics, Jasmine produced
designs of flowers, fruits, and vegetables that are outstanding. These designs
are put in the form of greeting cards, note cards, and gift cards. They are now
merchandized in novelty shops and other outlets. Some of the designs are also
displayed in the Company website, www.jasmines garden.com. The Company
portfolio of designs is extensive and continually expanding. The website is
changed continually and addresses the particular seasons that are pending. The
market place appears to be quite expansive and gross sales should grow with
continued exposure of the products. To date no advertising has been used and
only word of mouth and repeat business has accounted for the existing sales.
Customer requests for enlargements and framed enlargements speaks for itself as
to the uniqueness of the designs. One organization with the Calla Lily as its
designated flower ordered 250 boxes of note cards to be given to their
attendees at a national convention. To date satisfaction of customers continues
to fuel the enthusiasm of the Company and consequently a continued growth in
sales is expected.

The following table summarizes selected financial data contained within the
attached financial statements.  For more information regarding the Company's
financial data, please refer to the audited financial statements.



                                          YEAR ENDED DECEMBER 31,
                                          2002             2001
                                        --------        ---------

Total Operating Revenue                 $ 4,661          $ 2,778
Total Net Income (Loss) after Taxes       2,392           (8,353)
Total Assets                             16,307              977
Total Current Liabilities                   868            3,330
Long Term Debt                                0                0
Earnings (Loss) per Share                     0                0

Products

Jasmine Gregory has combined her knowledge in and love for design, photography,
and painting, into creating greeting cards, gift cards and stationery through
computer graphics. These items are created from photographic images of actual
fruits and vegetables. Current flower designs include Poppy, yellow Iris,
Shooting Star, Pansy, Wild Mountain Orchid, Orchid Branch, White Orchids, Pink
Orchids, The Rose Buds, Azalea Heart, Corner Red Rose, Azalea, Calla Lilies,
Snapdragon, Daffodils, Geraniums. Current fruit and vegetable designs include
Bing Cherries, Golden Delicious Apples, Strawberries, Oranges, Plums, Quince,
Gala Apples, Pear Blossoms, Radishes, Pepper Branch, Cucumbers, and Tomato
Branch.
<PAGE>
Greeting cards

Greeting cards come in an array of fruits, flowers and vegetables. They each
have a graphic design on the cover of the card, and are blank inside. The cards
measure 4.25 x 5.5 inches and cost $3.00 each.

Note cards

4.25 x 5.5 note cards, featuring either fruits, flowers, or vegetables, or a
combination of each, come 8 to a box, at a cost of $12.00 per box.

Gift Cards

Gift cards, featuring fruits, flowers, vegetables, or two different styles,
suitable for gift name tags, are 2 1/4 x 2 3/4 inches in dimension, and cost
$4.00 for eight cards.

Current operations

Our products are produced by imaging a living plant, such as a flower or fruit,
then enhancing it by computer graphics techniques. We currently have an
established library of 75 images. The data for the library is stored on compact
disks, and is used to print any products ordered, be it greeting cards, note
cards, or gift cards, when the order is received. Printing is done on a high
resolution photo quality printer. We have no agreements with suppliers, as our
supplies primarily consist of ink cartridges for our printer and paper stock,
which we can buy from any retail outlet at a reasonable price. With increased
capital, we believe we can generate more interest in our product with
advertising and marketing, and will have to invest some of this capital in
putting out an inventory of product for retailers.

We have seven retail outlets at the present time, and our Internet web site. We
have no written agreements with our retailers, and no arrangements with current
vendors. Our plan of expansion of our operations is simply as we raise funds or
generate revenue sufficient to invest in a marketing and advertising plan, we
intend to implement it as follows.

Planned advertising and promotion

As part of its plan of operations, which is dependent upon the raising of
sufficient capital, Jasmine's plans to engage in an ongoing marketing program,
consisting of direct mailing and solicitation to gift stores, department
stores, Internet e-commerce retailers of cards and gifts, and has established
its Internet web site, www.jasminesgarden.com, as an e-commerce source for
purchase of our products.
<PAGE>
We intend to implement the marketing and advertising program as follows:

   - Phase One: Phase One of the program is to develop a sales force of
commissioned salespersons, to expand our retail operations, and to enhance
their activities by national television and Internet advertising, at an
estimated cost of $150,000. This phase also anticipates that we will develop an
inventory of product to satisfy the needs of our new retail outlets, at an
estimated cost of $8,450. We anticipate that we will accomplish this phase by
the end of the third month following the effective date of this offering.

   - Phase Two: Phase Two of the program, if sufficient funds permit, is to
expand our advertising and marketing program at an estimated cost of $70,000,
with a corresponding increase in inventory, at an estimated cost of $50,000.

   - Phase Three: Phase Two of the program, if sufficient funds permit, is to
expand our advertising and marketing program at an estimated cost of $100,000,
with a corresponding increase in inventory, at an estimated cost of $100,000.

   - Phase Four: Phase Four of the program, if sufficient funds permit, is to
expand our advertising and marketing program at an estimated cost of $150,000,
with a corresponding increase in inventory, at an estimated cost of $ 50,000.

   - Phase Five: Phase Five of the program, if sufficient funds permit, is to
expand our advertising and marketing program at an estimated cost of $175,000,
with a corresponding increase in inventory, at an estimated cost of $175,000.

Properties.

Jasmine's leases offices at 32740 Greene Drive, Springville, California, from
its president, Jack Gregory, on a month-to-month basis, at no cost to us. The
offices are located in the residence of our directors, Jasmine and Jack
Gregory. It also uses the photographic and computer equipment belonging to
Jasmine's at no cost to us. The office space consists of approximately 150
square feet of office space, which is adequate for Jasmine's needs at the
present time and which is adequately covered by insurance.

Patents

Jasmines has no patents or trademarks. Its is the owner of the Internet domain
name, www.jasminesgarden.com. Jasmines products are all copyrighted.

Employees.

As of December 31, 2002, Jasmine's has two employees. Jack Gregory, Jasmine's
president, devotes his part time efforts to the business of Jasmine's .
Jasmine's Secretary/Treasurer, Jasmine Gregory, devotes her full time efforts
to our business. Jasmine's has no written employment contracts. None of
Jasmine's employees are covered by a collective bargaining agreement. Jasmine's
has never experienced an employment related work stoppage and considers its
employee relations to be satisfactory.
<PAGE>
Competition.

The greeting card industry is highly competitive with respect to price and
quality. Certain factors, such as substantial price discounting, increased
labor and benefits costs may adversely affect the industry in general and
Jasmine's in particular. Jasmine's will compete with a large number of national
and regional wholesalers and retailers of greeting cards and similar products
such as Hallmark and American Greetings. Most of our potential competitors have
financial resources superior to us, so there can be no assurance that Jasmine's
projected income will not be affected by its competition. Jasmine's expects
this competition to increase.

Government Regulation.

Our business is not affected by any governmental regulation.

Results of Operations

The year 2002 was the first full year of operation for Jasmine's Garden. It was
a year full of anticipation observing the success with which the Company's
products were accepted by the public. The Company business plan was developed
and executed adhering to the policies as originally formulated. Considering
that Jasmine's Garden is still in the development stage, management is very
satisfied with the initial growth in sales and especially its gross margin of
profit. The Company was able to control costs and retired all long term debt.
The revenues are small however if the business plan can be adhered and costs
contained it is expected the gross margin profit will remain satisfactory.

The net profit for the year ended December 31, 2002 was $2,392, compared to a
net loss of $8,353 for the comparable period of 2001. Management attributes the
difference to commencement of retail sales operations.

Liquidity and Capital Resources

As of December 31, 2002, we had  $16,055 cash on hand and total current
liabilities of $868.  We have material no material commitments in the next
twelve months. We believe that our current cash needs for at least the next
twelve months can be met by loans from our directors, officers and
shareholders. However, our principals are not legally obligated to loan us
these operating funds, and there can be no assurance that any private
placements of common stock will be successful. Due to our lack of cash and
current liabilities since inception, management believes a comparison of the
period ended December 31, 2002 and the period ended December 31, 2001 would not
be meaningful.
<PAGE>

                                PLAN OF OPERATIONS

Jasmine's has established a stock inventory of its products to meet its
expected increased sales, using the existing designs, and plans to begin a
national marketing campaign. If we do not receive the minimum financing
required to put our business plan into operation, we will first seek to obtain
a market for our common stock, and then attempt to raise the minimum capital
required through private placements of our common stock or borrowing from our
officers and directors.

Our product library has been established, and we are currently selling our
products in seven retail outlets, to private individuals and companies, and on
the Internet through our web page. Since the product library is stored on
compact disk, it is simply a matter of printing the stock we need to satisfy
the orders we receive at the present time. The orders are usually printed the
day we receive them and shipped the following day. Printing is done in house on
a high resolution color photographic printer. We intend to continue doing
business in this manner, and plan to expand by personal contact, by word of
mouth, and via the Internet, until such time as we raise sufficient capital to
begin a marketing and advertising campaign.

Jasmine's has no current material commitments. Jasmine's depends upon capital
to be derived from this offering and future financing activities such as
subsequent offerings of its stock or contributions from its officers and
directors. There can be no assurance that Jasmine's will be successful in
raising the capital it requires. Management believes that, if this offering and
the subsequent private placements are successful, Jasmine's will be able to
generate revenue from product sales and achieve liquidity within the next
twelve months, and estimates that this liquidity will continue, unless it goes
over budget. Jasmines has calculated the legal and accounting costs associated
with filing the requisite reports under the Securities Exchange Act in this
discussion of its funding and liquidity requirements.

Jasmine's does not expect to incur any research and development costs.
Jasmine's does not expect the purchase or sale of plant or any significant
equipment. Jasmine's has generated minimal revenue since its inception.
<PAGE>


                            FORWARD LOOKING STATEMENTS

This annual report statement contains forward-looking statements. Jasmine's's
expectation of results and other forward-looking statements contained in this
registration statement involve a number of risks and uncertainties. Among the
factors that could cause actual results to differ materially from those
expected are the following: business conditions and general economic
conditions; competitive factors, such as pricing and marketing efforts; and the
pace and success of product research and development. These and other factors
may cause expectations to differ.


ITEM 1. DESCRIPTION OF BUSINESS

Incorporated by reference to the annual report.


ITEM 3. LEGAL PROCEEDINGS

This information is incorporated by reference to the Proxy Statement for the
2003 Annual Meeting.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

This information is incorporated by reference to the Proxy Statement for the
2003 Annual Meeting.

<PAGE>
PART II
-------

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

This information is incorporated by reference to the Proxy Statement for the
2003 Annual Meeting.


ITEM 6. MANAGEMENT DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONS

Incorporated by reference to the annual report.


ITEM 7. FINANCIAL STATEMENTS

Information with respect to this item is contained in the financial statements
appearing on Item 13 of this Report. Such information is incorporated herein by
reference.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

There have been no changes in or disagreements among our independent
accountants in the last fiscal year.

PART III.
---------

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS

This information is incorporated by reference to the Proxy Statement for the
2003 Annual Meeting.


ITEM 10. EXECUTIVE COMPENSATION.

This information is incorporated by reference to the Proxy Statement for the
2003 Annual Meeting of Shareholders.



ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

This information is incorporated by reference to the Proxy Statement for the
2003 Annual Meeting of Shareholders.


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

This information is incorporated by reference to the Proxy Statement for the
2003 Annual Meeting of Shareholders.

<PAGE>
ITEM 13. INDEX TO EXHIBITS AND REPORTS ON FORM 8-K

 (a)  Financial Statements (included in Part II of this Report):

  Report of Independent Certified Public Accountant
  Financial Statements
  Balance Sheets
  Statement of Loss And Accumulated Deficit
  Statements of Cash Flows
  Statements of Stockholder's Equity
  Notes to Consolidated Financial Statements

All of these items are incorporated by reference to the Annual Report to
Shareholders

  (b) Reports on Form 8-K:
      None


  (c) Exhibits
      None

<PAGE>
                               FINANCIAL STATEMENTS

 Report of Independent Certified Public Accountant dated
 February 13, 2003
 Financial Statements
 Balance Sheets
 Statement of Loss and Accumulated Deficit
 Statements of Stockholder's Equity
 Statements of Cash Flows
 Notes to Financial Statements


                          REPORT OF INDEPENDENT AUDITOR

To the Shareholders and Board of Directors
Jasmine's Garden

I have audited the accompanying balance sheets of Jasmine's Garden, a
development stage company, as of December 31, 2002 and 2001, and the related
statements of income, stockholders' equity (deficit), and cash flows for the
years then ended, and for the period March 27, 2001 (inception) through
December, 31, 2002. These financial statements are the responsibility of the
Company's management. My responsibility is to express an opinion on these
financial statements based on my audit.

I conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that my audit provides a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Jasmine's Garden at December
31, 2002 and 2001, and the results of operations and cash flows for the period
then ended, and for the period March 27, 2001 (inception) through December 31,
2002, in conformity with accounting principles generally accepted in the United
States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 5, the Company
is in development stage and has limited assets, limited working capital, and
has sustained losses during its development stage which together raises
substantial doubt about its ability to continue as a going concern. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.

Rogelio G. Castro
Certified Public Accountant
Oxnard, California
February 21, 2003
<PAGE>
                                Jasmine's Garden
                         (A Development Stage Company)
                                 Balance Sheets

                                              December 31,     December 31,
                                                 2002            2001
                                             -------------     ---------
ASSETS
Current Assets:
  Cash                                         $   16,055       $   977
                                                ---------        ------
 Accounts Receivable:                                 252             -
                                                ---------        ------
TOTAL ASSETS                                   $   16,307       $   977
                                                ---------        -------
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
  Accrued Expenses                                    868           321
  Note payable                                          -         3,009
                                                ---------        --------
Total Current Liabilities                             868         3,330
                                                ---------        --------
Stockholders' Equity:
  Common stock, $.001 par value
  Authorized - 50,000,000 shares
  Issued and outstanding shares;
 6,015,400 and 6,000,000 respectively               6,015         6,000

Paid in capital                                    15,385             -
Deficit accumulated during
 the development stage                            ( 5,961)       (8,353)
                                                ---------        -------
      Total Stockholders' Equity (deficit)        15,439         (2,353)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $  16,307          $ 977
                                               ==========       =========
<PAGE>

                                Jasmine's Garden
                         (A Development Stage Company)
                            Statements of Operations
                 For the years ended December 31, 2002 and 2001
      for the period March 27, 2001 (inception) through December 31, 2002


                                                                Cumulative
                                                                from
                                                               (inception)
                                                                through
                                    December 31   December 31   December 31,
                                       2002          2001          2002
                                    ----------    -----------   ------------
Income                               $ 4,621       $ 2,778       $ 7,439
                                    ----------    -----------   ------------
Operating Expenses:
 Cost of Sales                         1,312         7,143         8,455
 General and
 administrative expenses               1,527         3,988         5,515
                                    ----------    -----------   ------------
 Total Expenses                        2,839        11,131        13,970
                                    ----------    -----------   ------------
Net income (loss) from operations      1,822        (8,353)       (6,531)
Other Income                             570             -           570
                                    ----------    -----------   ------------

Net income (loss)                   $  2,392      $ (8,353)      $(5,961)
                                    ==========    ===========   ============

Basic Loss Per Share                $      -      $      -
                                    ==========    ===========

<TABLE>
<PAGE>
                                Jasmine's Garden
                         (A Development Stage Company)
                       Statement of Stockholders' Equity
       For the period March 7, 2000 (inception) through December 31, 2002

<S>                                            <C>           <C>          <C>            <C>
                                                                                      Deficit
                                              Number                                  Accumulated
                                              of           Common         Paid        During
                                              Shares       Stock          In          Development
                                              Outstanding  at Par Value   Capital     Stage
                                              -----------  ------------   -------     -----------

Stock issued at inception for services         6,000,000   $    6,000     $     -     $       -
Net loss - December 31, 2001                                                             (8,353)
                                              -----------  ------------   -------     -----------
Balance at December 31, 2001                   6,000,000   $    6,000     $     -     $  (8,353)

Stocks issued for cash                            15,400           15       15,385
Net income-December 31, 2002                                                              2,392
                                              -----------  ------------   -------     -----------
Balance at December 31, 2002                   5,015,400   $    6,015     $ 15,385 $     (5,961)
                                              ===========  ============   ==========  ===========

</TABLE>
<PAGE>
                                Jasmine's Garden
                         (a Development Stage Company)
                            Statements of Cash Flows


                                                                 From inception
                                                                 March 27, 2001
                                                                 Through
                                       December 31, December 31, December 31,
                                        2002        2001         2002
                                       -----------  ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                     $  2,392    $ (8,353)      $ (5,961)
  Stocks issued for services                   -       6,000          6,000
  Increase in Accounts Receivable          ( 252)          -           (252)
  Increase (decrease) in
   Accrued Expenses                          295         321            616
                                       -----------  ------------ ------------
NET CASH PROVIDED (USED)BY
OPERATING ACTIVITIES                    $  2,687    $ (2,032)      $    655
                                       -----------  ------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
  Increase (Decrease) in
    Notes Payable                         (3,009)      3,009              -
 Common Stocks Issued                     15,400           -         15,400
                                       -----------  ------------ ------------
NET CASH FROM FINANCING ACTIVITIES      $ 12,391       3,009         15,400
                                       -----------  ------------ ------------
INCREASE (DECREASE) IN CASH               15,078         977         16,055

BEGINNING CASH                               977           -              -
                                       -----------  ------------ ------------
ENDING CASH                            $ 16,055      $   977      $  16,055
                                       ===========  ============ ============

<PAGE>
                             JASMINE'S GARDEN
                      (A Development Stage Company)
                      Notes to Financial Statements
                            December 31, 2002

NOTE 1   NATURE OF BUSINESS

Jasmine's Garden (the Company) was incorporated under the laws of the state of
Nevada on March 27, 2001. It has developed a business plan to establish
nationwide wholesale and retail sales of greeting cards, note cards and gift
tags made from a design process involving photography and computer graphics.
The Company is considered a development stage enterprise because it has not yet
generated significant revenues from the sale of its products.

NOTE 2   SIGNIFICANT ACCOUNTING POLICIES

Basis   The Company uses the accrual method of accounting.

Cash and cash equivalents   The Company considers all short term, highly liquid
investments that are readily convertible within three months to known amounts
as cash equivalents. Currently, it has no cash equivalents.

Loss per share   Net loss per share is provided in accordance with Statement of
Financial Accounting Standards No. 128 "Earnings Per Share". Basic loss per
share reflects the amount of losses for the period available to each share of
common stock outstanding during the reporting period, while giving effect to
all dilutive potential common shares that were outstanding during the period,
such as stock options and convertible securities. Fully Diluted Earnings Per
Shares shall be shown on stock options and other convertible issues that may be
exercised within ten years of the financial statement dates. As of December 31,
2001 the Company had no issuable shares qualified as dilutive to be included in
the earnings per share calculations.

The following is an illustration of the numerators and denominators of the
basic loss per share calculation:

                                                    For the
                                                    Years ended
                                                    December 31,
                                        ---------------------------------
                                            2002                  2001
                                        -----------           -----------
Net Income (Loss)                         $ 2,392               $(8,353)
 Weighted average shares
 outstanding (denominator)              6,015,400             6,000,000
Basic loss per share                       $(0.00)               $(0.00)
                                        ===========           ===========

Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period.  Actual results could differ from those
estimates.

NOTE 3   INCOME TAXES

The Company has adopted the provision of SFAS No. 109 "Accounting for Income
Taxes".  It requires recognition of deferred tax liabilities and assets for the
expected future tax consequences.  Under this method, deferred tax liabilities
and assets are determined based on the differences between the financial
statement and tax basis of assets and liabilities using enacted tax rates in
effect for the year in which the differences are expected to reverse.


Jasmine's Garden has incurred losses that can be carried forward to offset
future earnings if conditions of the Internal Revenue codes are met.

The Company's total deferred tax assets as of December 31, 2002 is as follows:

  Net operating loss carry-forward        $ 5,961
  Valuation allowance                      (5,961)
                                           -------
                                          $    -
                                           =======

The difference between the income tax benefit in the accompanying statements of
operations and the amount that would result if the Federal statutory rate of
34% were applied to pre-tax loss is as follows for the year ended December 31,
2001:

  Income tax benefit at statutory rate    $   894
  Valuation allowance                       ( 894)
                                            ------
                                          $     -
                                            ======

The net operating loss carry forward of $5,961 for federal tax purposes will
expire in year 2022.

NOTE 4   RELATED PARTY TRANSACTIONS

The Company issued a total of 6,000,000 shares of restricted common stock to
its officers, legal counsel, and consultant in exchange for services rendered.
The stocks issued are recorded at fair value of the services received.
<PAGE>

NOTE 5   GOING CONCERN
The Company has nominal assets with which to create operating capital.  It has
an accumulated deficit of $5,961 at December 31, 2002. These factors raise
substantial doubt about the company's ability to continue as a going concern.
The company seeks to raise operating capital through private placements of its
common stock.  However, there can be no assurance that such offering or
negotiations will be successful.

                                    SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, there unto duly authorized.

Jasmine's Garden

Jack Gregory
-------------------------------------
JACK GREGORY, President and Director

Date: February 28, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

Jasmine Gregory
--------------------------------------
JASMINE GREGORY, Treasurer and Director

Date: February 28, 2003


<PAGE>