UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                             FORM 10-KSB
[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the year ended December 31, 2004

[ ]Transition report Pursuant to Section 13 or 15(d) of the Exchange Act

                  Commission File Number: 0-50834
                         SIAM IMPORTS INC.
    ----------------------------------------------------------
         (Name of Small Business Issuer In Its Charter)

        Nevada                               73-1668122
 -------------------------------         ------------------
(State or other jurisdiction             (I.R.S. Employer
of incorporation or organization         Identification No.)

       Suite 1801- 1 Yonge Street
       Toronto, Ontario, Canada                M5E 1W7
---------------------------------------     -------------
(Address of principal executive offices)      (Zip Code)

                           (416) 214-3492
                 --------------------------------
                    (Issuer's Telephone Number)

Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock,
par value $0.001

Check whether the issuer: (1) filed all reports required 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 contained herein, 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
amendment to this Form 10-KSB.  [X]

We had no revenues for the fiscal year ended December 31, 2004. At December
31, 2004, 800,000 shares of our common stock were held by non-affiliates.
Our common stock is currently listed for quotation in the pink sheets under
the symbol SIMP; however, no active trading market has yet commenced.
Issuer had a total of 1,800,000 shares of Common Stock issued and outstanding
at December 31, 2004.

Some exhibits required to be filed hereunder, are incorporated herein by
reference to Issuer's original Form 10-SB Registration Statement, filed under
CIK No. 0001295923 on July 6,2004, on the SEC website at www.sec.gov.

Transitional Small Business Disclosure Format:  Yes     No X
                                1

<PAGE>



                      Forward Looking Statements
                      --------------------------

In addition to historical information, this Annual Report on Form
10-KSB contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 relating to the
our future operations and prospects, including statements that
are based on current projections and expectations about the markets in
which we operate, and our Management's beliefs concerning future
performance and capital requirements based upon current available
information.  Such statements are based on Management's beliefs, as
well as assumptions made by and information currently available to
Management.  When used in this document, words like "may", "might",
"will", "expect", "anticipate", "believe", and similar expressions are
intended to identify forward looking statements.  Actual results could
differ materially from Management's current expectations.  For
example, there can be no assurance that additional capital will not be
required or that additional capital, if required, will be available on
reasonable terms, if at all, at such times and in such amounts as
we may need for continued business operations.




                        Available Information
                        ---------------------

Our Annual Reports on Form 10-KSB, Quarterly Reports on Form 10-QSB,
Current Reports on Form 8-K and all amendments to those reports that we
file with the Securities and Exchange Commission, or SEC, are available
at the SEC's public reference room at 450 Fifth Street, N.W., Washington,
D.C. 20549. The public may obtain information on the operation of the
public reference room by calling the SEC at 1-800-SEC-0330. The SEC
also maintains a website at www.sec.gov that contains reports, proxy
and information statements and other information regarding issuers
that file electronically with the SEC.






                                    2

<PAGE>




                             PART I
                             ======
Item 1. Business
----------------
General
-------
We were incorporated in the State of Nevada on May 27, 2003. We are
in the development stage and have commenced limited business operations,
but have not yet generated any revenues or realized any income. We
incurred net operating losses of $20,987 for the year ended December 31,
2004 and $29,679 for the period from inception to December 31, 2004.

We intend to import and distribute various Southeast Asian gifts,
skin products, housewares, furniture and decorative items to the
North American marketplace.  It is our intent to begin marketing
our products in the Canadian consumer market, with an initial
focus on the Toronto region in Ontario, Canada. If we are
successful, we would like to expand our marketing efforts into the
United States. We intend to sell our products to retailers and
retail specialty shops for resale to the public. Our marketing will
be done through our online store at www.siamimportsinc.com., at trade
shows, craft shows and at home living shows and via email marketing
campaigns. As of the date of the filing of this annual report, we
have approximately $3,000 in pending orders, which will be filled and
paid for upon receipt of our initial inventory, which has been ordered
from various suppliers in Thailand, but has not yet been received.

Principal Products
------------------
In July 2004, we traveled to Thailand to meet with some of our
suppliers and we purchased a variety of sample goods/textiles for use
in our initial marketing efforts. Following is a list of the initial
products we purchased at a total cost of approximately $1,000 US:

-  5 Mango wood vases with elephant motifs carved on the sides
-120 Silk scarves
- 10 Thai silk wall hangings
-  5 Bronze decorative elephants
-  5 Assorted Thai decorative bronze items
-  5 Traditional Thai style marionette puppets
-  5 Traditional Thai wood carvings
-  3 Sets of bronze and stainless steel cutlery
- 20 Specialty bronze and stainless steel cutlery items, which
     include carving knife and fork sets, large salad fork and
     spoon sets, pie cutters and gravy ladles

Eventually, and depending on how our current product samplings are
received by our potential customers, we would like to expand our
product line to include stainless steel, heat-forged, handcrafted
cutlery, Thai silk scarves and shawls, Thai silk wall hangings,
Thai-style coffee and end tables made from teakwood, mango wood
products and Thai skin care and beauty products; however, we do not
currently have sufficient funds to purchase all of these items, nor
the cash to retain a large inventory of these items.

                                 3
<PAGE>

Principal Suppliers
-------------------
Following is a list of our current suppliers; however, we are
continuously looking for and adding new suppliers:

1. Patchara Marketing Co., Ltd. - $800 for stainless steel cutlery
2. Silkroad Design - $1,750 for Thai silk gift boxes with spa items
   inside
3. PL Bronze Co., Ltd. - $2,390 for stainless steel cutlery
4. N & D Cutler
5. Pillows, Bags and Wall Hangings
6. Jina J.S. International Co., Ltd.
7. Orientations - Thai silk scarves

Until we determine which products will be well received by our
customers, we do not intend to enter into any contracts with any
suppliers, but rather, will continue to purchase small samplings
of products from each company to establish a product line.

Distribution Methods of Our Products
------------------------------------
We intend to wholesale our products to retail shops for resale to
the public, through our website at www.siamimportsinc.com.,
at trade shows, craft shows, home living shows, via email marketing
campaigns and by direct marketing to specialty retail and gift shops.
We have not yet aggressively begun our marketing campaign,
as we have not yet received all of the inventory we have ordered
and are not yet able to fill the pending orders we have. We
currently do not have enough cash on hand to carry a large
inventory of products, but rather, we have established contact
and spoken with several suppliers who will be able to fill orders
for us, as and when they are received. We intend to list all of
the products we will offer on our website and in the catalogue
we intend to put together; however, in order to keep our
start up costs and expenses to a minimum, we will only keep one
or two samples of each product on hand for use in trade shows,
photographs for the catalogue and promotional sales purposes
and intend to order products from our list of suppliers as we
receive orders from customers.

We have contacted several distributors in Ontario, Canada;
however, we have not yet entered into any written or verbal
contracts with any potential distributor for the purchase of
any of our products.

TRADE/CRAFT/HOME SHOWS: We plan to attend local trade/craft/
home living shows where we will attempt to sell our products to
vendors for resale to the general public. We feel this method
of marketing will keep our sales costs fairly low; however, as
there are not that many such shows, the amount of sales from this
method is not expected to be significant.

                                 4
<PAGE>



WEBSITE: We have established a website, www.siamimportinc.com,
where potential retail distributors will be able to order our
products and have them shipped. Our website is designed to
provide our customers with a convenient shopping experience by
providing an organized, logical and customer-friendly Internet
site designed in an attractive manner to capture and maintain
the interest of visitors. The web site includes photographs and
descriptions of a sampling of our products and, as and when
funds become available will be expanded to include a full
color catalogue of all items we offer as they are added to our
inventory or product line.

We have applied for Visa and Mastercard merchant processing and
intend to allow payment through our website using credit cards;
however, we have not yet received our online merchant acceptance
authorization. We have implemented security measures, including
but not limited to layering, locking and encryption, in order to
secure, to the best of our ability, the commercial transactions
conducted on our web site.

The website is currently fully functional and is only awaiting
receipt of inventory for resale, which is currently on order. The
site is hosted by Doteasy Technology Inc., an unrelated third
party located in Burnaby, B.C., Canada, on a free server at no
charge to us. We are responsible for making any changes to the
website, as well as processing of all orders that come in from
the website.  No web functions are currently being contracted
to any third parties at this time, other than the web hosting,
which is free of charge.

As Internet usage continues to grow and online purchases become
much more commonplace, we are hoping this will become an
inexpensive and effective way for us to market and sell our
products; however, at this time, we have received no online orders
and are not yet able to gauge the effectiveness of our current
website design.

We intend to use our website as not only an online store, but as a
marketing tool as well. We have submitted our website to the major
search engines (AOL, Yahoo, Google, Excite and MSN) in an effort
to be listed using "search engine optimization" techniques. These
techniques include developing proper title, header and meta tags
within our website, using the right "keywords" to attract the
right type of products using search engines, e.g., "Thai products",
"silk scarves", "silverware " etc. We have not yet entered into
any written agreements with any search engines, but have made
application to do so. In addition, we may engage the services of an
online marketing company that specializes in email marketing
campaigns using opt-in email lists. These email lists are not spam,
but rather, are lists of customers who have specifically requested
information on various topics and/or products. There are many

                                 5
<PAGE>



Companies that perform this service and we are currently conducting
research on them to determine their success ratings, price
comparisons and timing to determine which may best suit our
marketing targets. At this time, we have not yet chosen an online
marketing firm, nor have we contacted or entered into any
negotiations with any such firm.

SALES REPRESENTATIVES:  We also intend to hire direct sales
representatives on a commission only basis; however, we have not
yet advertised for or interviewed any potential sales
representatives. Our officers and directors intend to continue to
do all initial marketing until funds are available to advertise
and hire sales representatives to expand the marketing of our
products to retailers and specialty shops outside of the Toronto
area.

DIRECT MAIL CAMPAIGN: We have started to prepare a limited catalog
of items readily available to us from our current list of
suppliers to distribute to local retailers and specialty shops
initially and then to other Canadian and American companies, as
funds permit. We have engaged the services of Affirmative Insight,
an unrelated third party who also assists us in the design of our
website, to assist us in preparing and assembling the catalog. We
have contacted the following companies and intend to purchase
mailing lists from them when our catalog is ready for distribution:

-  The Postal Connection, Mississauga, Ontario, Canada
-  Mediamix Direct Mail Services, Mississauga, Ontario, Canada
-  Adworks Mailing Service, Mississauga, Ontario, Canada

Fulfillment and Distribution
----------------------------
We will fulfill all customer orders from our home office in Canada.
We will pack the items and then deliver them to UPS, the postal service
or other shipping company for distribution to consumers in Canada and
the United States. We are committed to shipping accurate orders,
efficiently and in a timely manner. Delivery time is currently estimated
to be within ten business days from the date of the receipt of the order.
We will charge each customer in advance for the shipping costs associated
with the order.

Customer Service
----------------
The typical shopping experience begins with the search for products
that meet specific needs, including the ordering process and extends
through product delivery and post-purchase support. We believe that
the ability to accurately fulfill orders, ship products quickly to a
customer's door and efficiently handle customer inquiries is as
important to customer satisfaction as a superior product selection.

                                  6
<PAGE>




We believe that a high level of customer service and support is
critical to retaining and expanding a reliable, repeat customer base
and for establishing and maintaining a trusted brand name.
Accordingly, while we currently do not have the financial resources,
nor the need to employ any customer service personnel, we do intend
to develop a stringent customer service policy. Currently,
management will be available via e-mail, from 8:00 a.m. to 5:00
p.m., EST, Monday through Friday, or via voicemail. We will provide
order and shipping confirmations (with tracking numbers) or
notifications of out-of-stock items to customers via email.  We are
dedicated to providing superior customer satisfaction to secure
repeat customers.

Advertising
-----------
We have not yet conducted any type of advertising; however, once
funds are available, we intend to research the possibility of
placing ads in trade magazines.

Competitive Business Conditions and the Issuer's Competitive
Position
------------------------------------------------------------
We expect to encounter significant competition in our attempts to
distribute our products.  Such competition may consist of vying
for space on retail shelves, placement in catalogs and for
attention on the Internet.  We also believe that we compete with
other importers for supplies of similar products or to obtain
preferable pricing terms from suppliers.

We compete in an industry where many importers and distributors
offer the same or similar items that we will offer; following are
the companies we feel will be our top competitors:

- Lotus Flatware Company, Thornhill, Ontario, Canada - specialize in
import and sale of unique flatware items

- Embros Importers of Quality Cookware and Cuttlery, Toronto, Ontario,
Canada - specialize in import and sale of cutlery and cookware

- Thailand Collection, Whitby, Ontario, Canada - specialize in import
and sale of a variety of gift and houseware items from Thailand

- Lukamar Import and Export, Sechelt, BC, Canada - specialize in import
and sale of a variety of gift and houseware items from Thailand

We hope to compete directly with these companies by using aggressive
marketing, as well as an expanded product line to give clients a better
selection to choose from. We intend to import a high quality of products
in effort to gain a competitive edge in customer satisfaction and
return customers.

                                 7
<PAGE>





These competitors, as well as many others in the same type of business,
have established, successful operating histories, longer client
relationships and greater financial, management, sales and other
resources than we do.  To the extent we are unable to acquire suppliers
or retail distribution relationships, our future operating performance
could be materially and adversely affected.

The principal competitive factors in the home and giftware industry
are price, service, delivery time, quality and flexibility, with the
relative importance of each factor depending upon the needs of
particular customers and the specific product offering.  This industry
is further characterized by rapid shifts in trends, consumer demand,
and competitive pressures, resulting in both price and demand
volatility.  The demand for any particular product varies from time to
time based largely upon changes in consumer preferences and general
economic conditions, such as consumer expenditures for non-durable
goods. The industry is also subject to supply volatility, which occurs
as competitors enter or leave the market.

We expect that our unique products will face considerable price pressure
Our management believes the market for home and giftware items is price
sensitive. We believe that consumers evaluate purchases for these types
of products with price as a significant and determining factor.  In such
environment, we may be forced to lower our prices and resultantly
experience lower profit margins, to encourage consumer purchases.

Most large competitors have long-term manufacturing, distribution and
sales arrangements and may not be mobile enough to adjust to changing
market conditions.

By aggressively focusing on several different sales channels and
products, we feel that we will be able to build up our brand name,
which will help us to effectively compete in a very competitive
industry.

Government Approval of Principal Products or Services
-----------------------------------------------------
We have obtained our Nevada Business License and have filed
our extra provincial registration papers so that we are properly
registered to operate and conduct business in the Province of
Ontario, Canada. We have also filed and received our Customs
Business Number, which is required for importing products into
Canada. We have applied for and received sales tax numbers for the
collection and payment of both provincial and federal sales taxes
in Canada.


                                8
<PAGE>


Effect of Existing or Probable Government Regulations
-----------------------------------------------------
Import regulations  - Our Management's research has determined that
products imported from Thailand and most of Southeast Asia are covered
under the MFN (Most-Favored-Nation) Tariff Treaty. As such, the import
tariff rates on the products we import will range between 0-11%,
depending on the item. In addition, all imported items will be subject
to the Goods and Services Tax (GST), currently 7%, which will be passed
on and recovered from the customer at the time of sale.

Customs Inspections and Controls - Our imported products will be
subject to Canadian Customs inspections and controls. As such, all of
our product shipments will be processed at the border point of receipt
(e.g., highway, rail, airport, seaport or mail center) or through a
customs broker. The delivery carrier will provide an appropriate sales
receipt or invoice to the customs inspector that describes the goods
and prices of each item in detail, along with a certificate of origin.
Once the customs inspector is satisfied the shipment is valid and all
products are verified against the packing slip or invoice, the shipment
is released to us for pickup.

Because the principle sources of our products, namely housewares and
gift items, will be from Southeast Asia, or more specifically,
currently from Thailand, changes in policy and restrictions imposed

by the Canadian government regarding imports from certain countries
could, if implemented, negatively affect our business by:

-  Limiting or completely restricting importation from these foreign
   countries of certain products;

-  Driving  up our cost of goods sold so that, in order to generate a
   profit, we are forced to increase our retail prices to levels that
   are unattractive or unreasonable;

-  Driving up the cost of goods sold and potentially causing our costs
   of goods to exceed income;

-  Increasing tariffs, importation costs and taxes so that it is no
   longer economically feasible to purchase and import such items; and

-  Imposing cumbersome, lengthy or difficult to follow protocols upon
   importers, making it no longer feasible to import these products

We have discussed the various tariffs and laws associated with importing
our intended products with a customs broker and have been advised that
there are no prohibitive laws regarding any of our proposed products at
this time.

                                  9

<PAGE>

Our management does not believe there are any other existing or probable
government regulations could impact our business.  However, we could be
indirectly affected if our independent suppliers fail to operate in
compliance with applicable laws and regulations.  We do not control any
potential vendors or their labor practices.  The violation of labor or
other laws by an independent supplier, or the divergence of such a
supplier's labor practices from those generally accepted as ethical in
the United States, could result in adverse publicity for us and could
reduce sales of our products.

Employees
---------
We do not have any employees, other than our officers and directors.
We believe that our operations are currently on a small scale that is
manageable by these individuals.

Patents and Trademarks
--------------------------
We currently have no patents or trademarks, nor do we intend to
file for any patent or trademark protection in the future.
Our business is based on the import and sale of other companies'
products and, as such, no patent or trademark protection is
required for the conduct of our business operations. Since we have
no patent or trademark rights, unauthorized persons may attempt to copy
aspects of  our business, including our web site designs, product
information and sales mechanics, or to obtain and use information that
we regard as proprietary, such as the technology used to operate our web
site and web content. Any encroachment upon our proprietary information,
including the unauthorized use of our name, the use of a similar name by
a competing company or a lawsuit initiated against us for infringement
upon another company's proprietary information or improper use of their
trademark, may affect our ability to create brand name recognition, cause
customer confusion and/or have a detrimental effect on our business.
Litigation or proceedings may be necessary in the future to enforce our
intellectual property rights, to protect our trade secrets and domain
name and/or to determine the validity and scope of the proprietary
rights of others. Any such litigation or adverse proceeding could result
in substantial costs and diversion of resources and could seriously harm
our business operations and/or results of operations.

Item 2. Properties
        ----------
We do not currently own any property. We currently rent shared office
space from Telsec Business Centre, an unrelated third party. The office
space consists of approximately 1,000 sq. ft. and includes answering
services, fax services, reception area and shared office and boardroom
meeting facilities.  We pay approximately $65 per month and the office
arrangement is based on a monthly basis.  However, there is no written
rental agreement at this time. There are currently no proposed programs

                                  10


<PAGE>

for the renovation, improvement or development of the facilities we
currently use.  We believe that this arrangement is suitable given the
nature of our current operations, and also believe that we will not need
to lease additional administrative offices for at least the next 12 months.
We currently use the home of our President, Dennis Eldjarnson, at no cost
to us, to store our inventory; however, at such time as our business
expands and this space becomes insufficient, we will seek to lease larger
warehouse space for inventory storage.

Item 3. Legal Proceedings
        -----------------
We currently have no pending or threatened legal proceedings against us.

Item 4. Submission of Matters to a Vote of Security Holders
        ---------------------------------------------------
There were no matters submitted for a vote to the security holders during
the three months ended December 31, 2004.


                             PART II
                             =======

Item 5. Market for Registrant's Common Stock and Related Stockholder
        Matters
        ------------------------------------------------------------
Our Common Stock, par value $.001, is listed for quotation in the pink
sheets under the symbol SIMP; however, no active trading market in our
securities has yet commenced.

As of December 31, 2004 there were approximately 34 holders of record of
our Common Stock.

A total of 1,000,000 shares are held by our officers and directors, all
of which are restricted securities, as that term is defined in Rule 144
of the Rules and Regulations of the Securities and Exchange Commission,
promulgated under the Act. Under Rule 144, such shares can only be
publicly sold, subject to volume restrictions and certain restrictions
on the manner of sale, commencing one year after their acquisition. A
total of 800,000 of the issued and outstanding shares were sold in a
public offering registered in the State of Nevada, pursuant to an
exemption provided by Regulation D, Rule 504, and are unrestricted
securities and may be publicly sold at any time, without restriction.

We have not paid any cash dividends since inception to the holders of
our Common Stock.  We currently intend to retain any earnings for
internal cash flow use.

At December 31, 2004, there were no equity compensation plans
approved or outstanding and no stock options granted or outstanding.

                                 11

<PAGE>




Item 6. Management's Discussion and Analysis of Financial Condition
        and Results of Operations
        ------------------------------------------------------------
Results of Operations
---------------------
For the year ended December 31, 2004, we incurred a net operating
loss of $20,987, as compared to a net loss of $8,692 for the year
ended December 31, 2003. We have incurred total net operating losses
of $29,679 from inception to December 31, 2004. These expenses
consisted of $14,223 in general and administrative expense at December
31, 2004, compared to $8,692 in general and administrative expense at
December 31, 2003. Professional fees at December 31, 2004 were $6,674.

Liquidity and Capital Resources
-------------------------------
We expect our current cash in the bank of $13,036 at December 31,
2004 and as of the date of the filing of this annual report, plus
revenues we expect to derive from business operations to satisfy cash
requirements for business operations for at least the next 12 months
without having to raise additional funds or seek bank loans. We
currently project that we will have our initial inventory ready for
sale so we can begin taking orders through our website and generating
revenues during the second quarter of 2005. As of the date of this
annual report, we have not yet generated any revenues.

Our continued operations are dependent upon our ability to generate
revenues from operations and/or obtain further financing, if and when
needed, through borrowing from banks or other lenders or equity
funding. There is no assurance that sufficient revenues can be
generated or that additional financing will be available, if and when
required, or on terms favorable to us. If we are unable to generate
sufficient revenues and/or obtain financing if and when needed, our
current business plans could fail.

We have purchased approximately $1,000 of sample products for test
marketing and have generated approximately $3,000 in orders to date. We
have ordered an initial inventory of approximately $5,000 from several
suppliers and are awaiting receipt of those products to fill our
pending orders.

We do not intend to purchase any significant property or equipment,
nor incur any significant changes in employees during the next 12 months.

There was no cash provided by financing activities for the year ended
December 31, 2004.

Our auditors have expressed the opinion that in our current state,
there is substantial doubt about our ability to continue as a going
concern; however, they also advised that the going concern opinion is
expected to be alleviated once we have an established business, have
accomplished predictable levels of expenditure and have attained the
financing or income to support those expenditures for a period in excess
of one year.

                                  12
<PAGE>

We anticipate no material commitments for capital expenditures
in the near term.  Management is not aware of any trend in its industry
or capital resources, which may have an impact on its income, revenue or
income from operations.

Item 7. Financial Statements.
        --------------------
Following are our audited financial statements for the year ended
December 31, 2004.











                     SIAM IMPORT INC.
              (A Development Stage Company)

                   FINANCIAL STATEMENTS







                December 31, 2004 and 2003

                          and

                 May 27, 2003 (Inception)
                        through
                   December 31, 2004














                                     13
<PAGE>

Members of:                    FRANKLIN          Contact Information:
American Institute of CPA's      GRIFFITH &       6330 McLeod Drive, Suite 7
Association of Certified           ASSOCIATES        Las Vegas, Nevada 89120
 Fraud Examiners                                       (702)736-1852 (voice)
Public Company Accounting                                (702) 736-1608 (fax)
 Accounting Oversight Board
-----------------------------------------------------------------------------
To the Board of Directors and Stockholders
Siam Imports, Inc.
(A Development Stage Company)
Toronto, Canada

                 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have audited the accompanying balance sheets of Siam Imports, Inc. (A
DevelopmentStage Company) as of December 31, 2004, and the related statements
of operations, stockholders' equity, and cash flows for the year ended
December 31, 2004. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.  The financial statements of Siam
Imports, Inc. (A Development Stage Company) as of December 31, 2003, were
audited by other auditors whose report dated April 21, 2004, expressed an
unqualified opinion on those statements.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). 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 our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Company as of
December 31, 2004, and the results of its operations and its cash flows for
the year ended December 31, 2004, in conformity with U.S. generally accepted
accounting principles.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  As discussed in Note 1 to the
financial statements, the Company has suffered losses from operations, all
of which raise substantial doubt about its ability to continue as a going
concern.  Management's plans in regards to these matters are also described
in Note 1.  The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

/s/ Franklin Griffith & Associates
March 21, 2005
Las Vegas, Nevada

                                      14

<PAGE>

<TABLE><CAPTION>
                          SIAM IMPORTS, INC.
                    (A Development Stage Company)
                            Balance Sheet
                       As of December 31, 2004

                                          Audited         Audited
                                           as of           as of
                                    December 31, 2004 December 31, 2003
                                    ----------------- -----------------
ASSETS
------
Current Assets
--------------

                                        <c>                <c>
Cash                                    $    13,036      $   36,308
Deposits                                          -               -
                                        -----------      ----------
Total Current Assets                         13,036          36,308

Inventory                                     4,972               -
                                        -----------      ----------
Total Assets                            $    18,008      $   36,308
                                        ===========      ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities
-------------------
Account payable                         $     2,987      $        -
                                        -----------      ----------
 Total Current Liabilities                    2,987               -
                                        -----------      ----------
 Total Liabilities                            2,987               -

Stockholders' Equity
--------------------
Common Stock; $.001 par value,
 25,000,000 authorized shares,
 par value $.001, 1,800,000 shares
 issued and outstanding                      1,800           1,800

Additional Paid-In-Capital                  43,200          43,200
Accumulated Deficit                        (29,979)         (8,692)
                                        ----------       ---------
 Total Stockholders' Equity                 15,021          36,308
                                        ----------       ---------
 Total Liabilities and
 Stockholders' Equity                   $   18,008       $  36,308
                                        ==========       =========
</TABLE>
             See accompanying notes to financial statements.



                                 15
<PAGE>

<TABLE><CAPTION>
                         SIAM IMPORTS, INC.
                    (A Development Stage Company)
                      Statement of Operations

                                            Audited             Audited
                           Audited         May 27, 2003      May 27, 2003
                       January 1, 2004     (Inception)        (Inception)
                           through          through             through
                      December 31, 2004  December 31, 2003  December 31, 2004
                      -----------------  -----------------  -----------------
<S>                          <c>                <c>              <c>
Revenues
--------
Revenues               $         -         $        -         $       -

Operating expenses
------------------
General and
 administrative             14,223               8,692            22,915
Professional fees            6,764                   -             6,764
                       -----------         -----------        ----------
 Total Expenses             20,987               8,692            29,679
                       -----------         -----------        ----------
Loss from Operations       (20,987)             (8,692)          (29,679)
                       ===========        ============        ==========
Other income (expenses):
-----------------------
Other expense                (300)                   -             (300)
Interest expense                -                    -                -
                       ----------         ------------        ---------
Total other income
(expenses)                   (300)                   -             (300)
                       ----------         ------------        ---------
Loss before provision
for income taxes and
minority interest         (21,287)              (8,692)         (29,979)
Provision for income
taxes                           -                    -                -
                       ----------         ------------        ---------
Net Loss               $  (21,287)        $     (8,692)         (29,979)
                       ==========         ============        =========
Basic and diluted
loss per common share  $    (0.01)        $      (0.01)       $   (0.02)
                       ----------         ------------        ---------
Basic and diluted
weighted average
common shares
outstanding             1,800,000            1,363,303        1,667,123
                       ==========         ============        =========
</TABLE>
               See accompanying notes to financial statements.

                                  16
<PAGE>

<TABLE><CAPTION>
                             SIAM IMPORTS, INC.
                      (A Development Stage Company)
                         Statement of Cash Flows

                                           Audited             Audited
                           Audited         May 27, 2003      May 27, 2003
                       January 1, 2004     (Inception)        (Inception)
                           through          through             through
                      December 31, 2004  December 31, 2003  December 31, 2004
                      -----------------  -----------------  -----------------
<S>                          <c>                <c>              <c>
Cash flow from
operating activities:
--------------------
Net loss                   $  (21,287)      $  (8,692)         $  (29,979)
Adjustments to reconcile
net loss to net cash
used by operating activities:
----------------------------
Changes in operating assets
and liabilities
 Increase(Decrease) in
  inventory                     (4,972)              -              (4,972)
 Increase(Decrease) in
  accounts payable               2,987              -                2,987
 Change in deposits                 -               -                   -
                          -----------       ---------          ----------
Net cash used by
operating activities       $ (23,272)      $  (8,692)          $  (31,964)

Cash Flows from
Investing Activities:
---------------------
Purchase of property and
equipment                          -                -                   -
                          -----------      ----------          ----------
Net cash used by
investing activities               -                -                   -

Cash flows from
financing activities:
--------------------
Proceeds from issuance
of common Stock                    -           45,000              45,000
                         -----------       ----------          ----------
Net cash provided by
financing activities     $         -       $   45,000          $   45,000
                         -----------       ----------          ----------
Net increase in cash         (23,272)          36,308              13,036
Cash, beginning of period     36,308                -                   -
                         -----------       ----------          ----------
Cash, end of period      $    13,036       $   36,308          $   13,036
                         ===========       ==========          ==========
Supplementary cash
flow information:
------------------
Cash payments for
income taxes             $        -        $       -           $        -
                         ===========       ==========          ==========
Cash payments for
interest                 $        -        $       -           $        -
                         ===========       ==========          ==========
</TABLE>
               See accompanying notes to financial statements.

                                        17
<PAGE>

<TABLE><CAPTION>
                             SIAM IMPORTS, INC.
                       (A Development Stage Company)
                     Statement of Stockholders' Equity



                           Common Stock                            Total
                         ------------------ Paid-In Accumulated Stockholders'
                         Shares    Amount   Capital   Deficit     Equity
                         --------- -------- -------- ---------- ------------
 <S>                       <C>       <C>       <C>       <C>          <C>
Balance at May 27,
2003 (Inception)                - $      - $      -  $        - $         -

Common Stock Issued
for cash -
May 27, 2003            1,000,000    1,000    4,000           -       5,000

Common Stock Issued
for cash -
September 23, 2003        800,000      800   39,200           -      40,000

Net loss                        -        -        -      (8,692)     (8,692)
                         --------- -------- --------  ---------- -----------
Balance,
December 31, 2003       1,800,000 $  1,800 $ 43,200   $  (8,692) $   36,308
                         --------- -------- --------  ---------- -----------
Net loss                        -        -        -     (21,287)    (21,287)
                         --------- -------- --------  ---------- -----------
Balance,
December 31, 2004       1,800,000 $  1,800 $ 43,200   $ (29,979) $   15,021
                        ========= ======== ========  ========== ============
</TABLE>













                   See accompanying notes to financial statements.

                                         18
<PAGE>

                                Siam Imports, Inc.
                          (A Development Stage Company)
                          Notes to Financial Statements

1.	DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES

Description of business and history - Siam Imports, Inc., a Nevada corporation,
(hereinafter referred to as the "Company" or "Siam Imports") was incorporated
in the State of Nevada on May 27, 2003.  The Company was formed to engage in
the importation and distribution of SE Asian gifts and decorative items to the
North American marketplace. The Company has sourced the following products in
Thailand and has purchased samples in order to wholesale them to retail
businesses starting around the Ontario region of Canada:  hand made stainless
steel cutlery, thai silk products, products made from mango wood, ornamental
wall hangings and all natural skin care and beauty products.  The Company
operations have been limited to general administrative operations, purchasing
a limited amount of sample inventory, establishing its online webs store and
is considered a development stage company in accordance with Statement of
Financial Accounting Standards No. 7.  The Company's website is
www.siamimportsinc.com .

Management of Company - The company filed its articles of incorporation with
the Nevada Secretary of State on May 27, 2003, indicating Sandra L. Miller on
behalf of Resident Agents of Nevada , Inc. as the sole incorporator.

The company filed its annual list of officers and directors with the Nevada
Secretary of State on June 2, 2004, indicating it's President and Treasurer
is Dennis Eldjarnson and it's Secretary is Debbie Eldjarnson.  No directors
were indicated on this filing.

Going concern - The Company incurred accumulated net losses of approximately
$29,979 from the period of May 27, 2003 (Date of Inception) through December
31, 2004 and has commenced limited operations, rather, still in the
development stages, raising substantial doubt about the Company's ability to
continue as a going concern.  The Company will seek additional sources of
capital through the issuance of debt or equity financing, but there can be
no assurance the Company will be successful in accomplishing its objectives.

The ability of the Company to continue as a going concern is dependent on
additional sources of capital and the success of the Company's plan.  The
financial statements do not include any adjustments that might be necessary
if the Company is unable to continue as a going concern.

Year end - The Company's year end is December 31.

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

                                       18
<PAGE>


1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT POLICIES (continued)

Property and equipment - Property and equipment are stated at cost less
accumulated depreciation.  Depreciation is provided principally on the
straight-line method over the estimated useful lives of the assets, which
are generally 3 to 27 years.  The amounts of depreciation provided are
sufficient to charge the cost of the related assets to operations over their
estimated useful lives.  The cost of repairs and maintenance is charged to
expense as incurred.  Expenditures for property betterments and renewals are
capitalized.  Upon sale or other disposition of a depreciable property, cost
and accumulated depreciation are removed from the accounts and any gain or
loss is reflected in other income.

The Company periodically evaluates whether events and circumstances have
occurred that may warrant revision of the estimated useful life of fixed
assets or whether the remaining balance of fixed assets should be evaluated
for possible impairment. The Company uses an estimate of the related
undiscounted cash flows over the remaining life of the fixed assets in
measuring their recoverability.  As of December 31, 2004, the Company does
not own any property or equipment.

Income taxes - The Company accounts for its income taxes in accordance with
Statement of Financial Accounting Standards No. 109, which requires
recognition of deferred tax assets and liabilities for future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective
tax bases and tax credit carry forwards.  Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are
expected to be recovered or settled.  The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in operations in
the period that includes the enactment date.

Management feels the Company will have a net operating loss carryover to
be used for future years.  Such losses may not be fully deductible due to
the significant amounts of non-cash service costs.  The Company has not
established a valuation allowance for the full tax benefit of the operating
loss carryovers due to the uncertainty regarding realization.

Net loss per common share - The Company computes net loss per share in
accordance with SFAS No. 128, Earnings per Share (SFAS 128) and SEC Staff
Accounting Bulletin No. 98 (SAB 98).  Under the provisions of SFAS 128 and
SAB 98, basic net loss per share is computed by dividing the net loss
available to common stockholders for the period by the weighted average
number of shares of common stock outstanding during the period.  The
calculation of diluted net loss per share gives effect to common stock
equivalents; however, potential common shares are excluded if their effect
is antidilutive.  For the period from May 27, 2003 (Date of Inception)
through December 31, 2004, no options and warrants were excluded from the
computation of diluted earnings per share because their effect would be
antidilutive.

Revenue recognition - The Company has no revenues to date from its
operations.
                                   19
<PAGE>

1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT POLICIES (continued)

Legal Procedures - The Company is not aware of, nor is it involved in
any pending legal proceedings.

Stock-based compensation - The Company applies Accounting Principles
Board ("APB") Opinion No. 25, Accounting for Stock Issued to Employees,
and Related Interpretations, in accounting for stock options issued to
employees.  Under APB No. 25, employee compensation cost is recognized
when estimated fair value of the underlying stock on date of the grant
exceeds exercise price of the stock option.  For stock options and
warrants issued to non-employees, the Company applies SFAS No. 123,
Accounting for Stock-Based Compensation, which requires the recognition
of compensation cost based upon the fair value of stock options at the
grant date using the Black-Scholes option pricing model.

The following table represents the effect on net loss and loss per share
if the Company had applied the fair value based method and recognition
provisions of Statement of Financial Accounting Standards (SFAS) No. 123,
"Accounting for Stock-Based Compensation", to stock-based employee
compensation for the year ended December 31, 2004:

<TABLE><CAPTION>
	                                               2004
                                                ----------------
<S>                                                    <C>
Net loss, as reported                           $    (21,287)
Other comprehensive income	                         --
Add:  Stock-based employee compensation expense
      included in reported loss, net of related
      tax effects                                      --
Deduct: Total stock-based employee compensation
        expense determined under fair value based
        method for all awards, net of related tax
        effects	                                     --

Pro forma net loss                              $    (21,287)

Net loss per common share:
    Basic and fully diluted loss per share,
    as reported                                 $      (0.01)

    Basic and fully diluted loss per share,
    pro forma                                   $      (0.01)

</TABLE>

There were no stock options granted for the period ended December 31, 2004.
There are additionally no written or verbal agreements related to the sale
of any stock, option or warrants of the Company's common stock.

                                    20

<PAGE>



1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT POLICIES (continued)

In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based
Compensation-Transition and Disclosure". SFAS No. 148 amends the transition
and disclosure provisions of SFAS No. 123. The Company is currently
evaluating SFAS No. 148 to determine if it will adopt SFAS No. 123 to
account for employee stock options using the fair value method and, if so,
when to begin transition to that method.

In November 2004, the FASB issued SFAS No. 151, Inventory Costs, an amendment
of ARB No. 43, Chapter 4. SFAS No. 151 amends the guidance in ARB No. 43,
Chapter 4, Inventory Pricing, to clarify the accounting for abnormal amounts
of idle facility expense, freight, handing costs, and spoilage. This
statement requires that those items be recognized as current period charges
regardless of whether they meet the criterion of "so abnormal" which was the
criterion specified in ARB No. 43. In addition, this Statement requires that
allocation of fixed production overheads to the cost of production be based
on normal capacity of the production facilities. This pronouncement is
effective for the Company beginning October 1, 2005. The Company has not yet
assessed the impact on adopting this new standard.

In December 2004, the FASB issued SFAS No. 123 (revised 2004). Share-Based
Payment, which is a revision of SFAS No. 123, Accounting for Stock-Based
Compensation. SFAS No. 123(R) supersedes APB Opinion No. 25, Accounting for
Stock Issued to Employees, and amends SFAS No. 95, Statement of Cash Flows.
Generally, the approach in SFAS No. 123(R) is similar to the approach
described in SFAS No. 123. However, SFAS No. 123(R) requires all share-based
payments to employees, including grants of employee stock options, to be
recognized in the income statement based on their fair values. Pro forma
disclosure is no longer an alternative. The new standard will be effective
for the Company in the first interim or annual reporting period beginning
after December 15, 2005. The Company does not expect the adoption of this
standard to have a material impact on its financial statements.

2.	PROPERTY AND EQUIPMENT

As of December 31, 2004, the Company does not own any property and/or
equipment.

3.	STOCKHOLDER'S EQUITY

The Company has 25,000,000 shares authorized and 1,800,000 issued and
outstanding as of December 31, 2004.  The issued and outstanding shares
were issued as follows:

500,000 common shares were issued to Dennis Eldjarnson on May 27, 2003
for the sum of $2,500 in cash.

500,000 common shares were issued to Debbie Eldjarnson on May 27, 2003
for the sum of $2,500 in cash.



                                 21

<PAGE>
800,000 common shares were issued to 32 investors in the Company's
Regulation D - Rule 504 offering for the sum of $40,000 in cash.  The
Regulation D - Rule 504 offering was declared effective by the State of
Nevada on August 22, 2003, sold in September 2003 to foreign investors
in Canada and a Form D was filed with the Securities and Exchange
Commission.

4.	LOAN FROM STOCKHOLDER

	As of December 31, 2004, there are no loans to the Company from
any stockholders.

5.    RELATED PARTY TRANSACTIONS

The Organization has no significant related party transactions and/or
relationships with any individuals or entities.

6.	STOCK OPTIONS

As of December 31, 2004, the Company does not have any stock options
outstanding, nor does it have any written or verbal agreements for the
issuance or distribution of stock options at any point in the future.

7.	LITIGATION

As of December 31, 2004, the Company is not aware of any current or pending
litigation which may affect the Company's operations.

8.  SUBSEQUENT EVENTS

There have been no subsequent events after the close of the year, December
31, 2004, which are material to operations.


Item 8. Disagreements with Accountants on Accounting and
        Financial Disclosures
        ------------------------------------------------
There have been no disagreements with our accountants on accounting
or other financial disclosures. Our former accountant, Clybe Bailey, PC,
resigned in March 2005 for health and other reasons, at which time, we
appointed Franklin Griffith & Associates, an independent certified
public accounting firm located in Las Vegas, Nevada, as our principal
accounting firm. Clyde Bailey's audit report on our financial statements
for the year ended December 31, 2003 did not contain any adverse opinion
or disclaimer of opinion, and was not modified as to uncertainty, audit
scope or accounting principles.

The decision to change auditors was recommended to the stockholders
and approved by the Board of Directors and by majority vote of the
stockholders, based solely on the reason that Clyde Bailey, PC,
resigned for health and other reasons. There have been no disagreements
with Clyde Bailey PC, on any matter of accounting principles or
practices, financial statement disclosure, or auditing scopes or
procedures.
                                  22

<PAGE>

Item 8a. Accounting Controls and Procedures
         ----------------------------------
Accounting Policies
-------------------
The financial statements included herein have been prepared pursuant
to the rules and regulations of the Securities and Exchange Commission.
Management believes the disclosures made are adequate to make the
information not misleading. The financial statements and accompanying
notes are prepared in accordance with generally accepted accounting
principles. Preparing financial statements requires Management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. These estimates and
assumptions are affected by Management's application of accounting
policies. These important accounting policies include the successful
efforts method of accounting for property and equipment, revenue
recognition, accounting for income taxes and foreign currency
translation.

Management maintains disclosure controls and procedures designed to
ensure that we are able to timely collect the information we are
required to disclose in our reports filed with the U.S. Securities
and Exchange Commission. Within the 90 days prior to the date of this
annual report, we performed an evaluation, under the supervision and
with the participation of our Management, of the effectiveness of the
design and operation of our disclosure controls and procedures pursuant
to Exchange Act Rule 13a-14. Based upon the evaluation, our Principal
Executive Officer and Principal Accounting Officer concluded that the
current disclosure controls are effective in timely alerting us to any
material information required to be included in our periodic SEC
filings.

We also maintain a system of internal controls designed to provide
reasonable assurance that (i) transactions are executed in accordance
with Management's general and specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements
in conformity with generally accepted accounting principles and to
maintain accountability for assets; (ii) access to assets is permitted
only in accordance with Management's general or specific authorization;
and (iv) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is
taken with respect to any differences. We believe that our internal
controls are effective to provide reasonable assurance that our
financial statements are fairly presented in conformity with generally
accepted accounting principals. Since our most recent evaluation,
there have been no changes in our internal controls or in other
factors that could significantly affect our internal controls, nor
were any corrective actions required with regard to significant
deficiencies and material weaknesses.



                                23
<PAGE>


                              PART III
                              ========

Item 9.  Directors, Executive Officers, Promoters and Control
         Persons; Compliance with Section 16(a) of the Exchange Act
         ----------------------------------------------------------
The following table sets forth the names, positions and ages of
the executive officers and directors. Directors are elected at
the annual meeting of stockholders and serve for one year or
until their successors are elected and qualify. Officers are
elected by the Board of Directors and their terms of office are,
except to the extent governed by employment contract, at the
discretion of the Board of Directors.

<TABLE><CAPTION>
Name                        Age     Position(s)
----                        ---     -----------
<S>                         <C>     <C>
Dennis Eldjarnson(1)        55      President, Treasurer
                                    and Director

Deborah Eldjarnson(1)(2)    46      Secretary and
                                    Director

Nutjaree Saengjan(2)        31      Vice-President and
                                    Director
</TABLE>

(1)  Dennis and Deborah Eldjarnson are husband and wife.
(2)  Nutjaree Saengjan is the sister-in-law of Deborah Eldjarnson

Each of the persons named above have held their offices/positions
since inception and are expected to hold said offices/positions
until the next annual meeting of stockholders.

Background of Officers and Directors
------------------------------------
Dennis Eldjarnson has been the President, CEO, Treasurer, CFO and a
Director of Siam Imports since our inception. Mr. Eldjarnson is a
Registered Relocation Specialist and has achieved membership in the
"President's Gold Club" and the "100% Club."  From March 2001 to present,
Mr. Eldjarnson has been selling real estate as an independent contractor
for Royal Lepage Real Estate, Ltd. and is a member of the Toronto Real
Estate Board in Mississauga, Ontario.  Since he is a self-employed,
independent contractor, he is able to set his own hours of work, which
vary from 10-40 hours per week.   From May 1991 to March 2001, Mr.
Eldjarnson had been selling real estate as an independent contractor for
Re/Max Realty Specialists Inc.; a member of the Toronto Real Estate Board
in Mississauga, Ontario.  Mr. Eldjarnson has previous experience working
in the import/export business from 1968 to 1972 in Vancouver, BC, where
he imported sculpted art work from the Far East and sold it to department
store retailers and local art shops.  Mr. Eldjarnson devotes
approximately 15 hours per week to our business operations.

                                  24
<PAGE>


Deborah Eldjarnson has been our Secretary and a Director since our
inception.  From March 1995 to present, Mrs. Eldjarnson has been employed
by the Peel District School Board in the city of Mississauga, Ontario as
a teaching assistant.  She is a full-time school teacher, who works
approximately 35 hours per week; however, she does not work in the
summers and intends to devote full time to our business during the
summer hours.  Mrs. Eldjarnson earned a Bachelor of Arts degree
from The University of Toronto in 1978.  Mrs. Eldjarnson devotes
approximately 15 hours per week to our business operations.

Nutjaree Saengjan has been the Vice-President and a Director of Siam
Imports since our inception.  Since moving to Canada in May 2001, Ms.
Saengjan has been a full time student, attending Pacific Language
Institute in 2002; the Liason Culinary Arts School in the winter of 2003
and is currently attending the Chelsea School of Aesthetics.
From October 1994 to April 2001, she was employed by Lancome, a cosmetics
company located in Bangkok, Thailand, in various capacities, including
sales, purchasing and administrative positions.  From July 1993 to October
1994, she was employed by Elizabeth Arden, a cosmetics company located in
Bangkok, Thailand, in sales.  From February 1992 to July 1993, she was
employed by Thai Tanning and Leather, a leather manufacturing company in
Bangkok, Thailand, as an executive assistant.  From January 1990 to
February 1992 she was employed by Revlon, a cosmetics company located in
Bangkok, Thailand, in sales.  Ms. Saengjan has attended various sales and
marketing conferences and seminars in Phuket, Chiang Mai and Pattaya,
Thailand.  Ms. Saengjan devotes approximately 15 hours per week to our
business operations. She is a full time student, however, her schedule is
varied, which allows her additional hours to devote to our business, as
and when she is needed.

Section 16(a) Beneficial Ownership Reporting Compliance
-------------------------------------------------------
Section 16(a) of the Securities Exchange Act of 1934 requires our
directors and executive officers, and persons who own more than
ten percent of our Common Stock, to file with the Securities and
Exchange Commission initial reports of ownership and reports of
changes of ownership of our Common Stock. Officers, directors and
greater than ten percent stockholders are required by SEC regulation
to furnish us with copies of all Section 16(a) forms they file.

To the best of our knowledge, during the year ended December 31,
2004, all Section 16(a) filing requirements applicable to our officers,
directors and greater than ten percent beneficial owners were
complied with. In making these disclosures, we have relied solely on
a review of the copies of such reports furnished to us and written
representations by our directors, executive officers and greater
than ten percent stockholders.

                              25
<PAGE>


Code of Ethics
--------------
At this time, we have not adopted a formal Code of Ethics that applies
to the Chief Executive Officer and Chief Financial Officer.  We expect
to adopt a formal Code of Ethics sometime during the current year. We
have, however, followed an informal Code of Ethics requiring Board of
Director approval of any material transaction involving our Chief
Executive Officer and/or Chief Financial Officer. We believe this
procedure reasonably deters material wrongdoing and promotes honest and
ethical conduct from our executive officers.

Item 10.  Executive Compensation
          ----------------------
Our officers and directors do not presently receive any cash or non-cash
compensation for their services and there are currently no plans to
implement any such compensation. They are, however, reimbursed for any
out-of-pocket expenses incurred on our behalf.

<TABLE><CAPTION>
-----------------------------------------------------------------
                  SUMMARY COMPENSATION TABLE
-----------------------------------------------------------------
                        Annual Compensation     Long-Term Comp.
                                       Other    Awards    Payouts
Name and                               Annual
Position(s)       Year  Salary  Bonus  Comp.
-----------------------------------------------------------------

                <c>  <c>      <c>    <c>       <c>      <c>
Dennis Eldjarnson  2004     -      -      -         -           -
President          2003     -      -      -         -           -

Deborah Eldjarnson 2004     -      -      -         -           -
Secretary          2003     -      -      -         -           -

Nutjaree Saengjan  2004     -      -      -         -           -
Vice-President     2003     -      -      -         -           -
-----------------------------------------------------------------
</TABLE>

Employment Agreements
---------------------
The officers and directors are not currently party to any employment
agreements and we do not presently have any pension, health, annuity,
insurance, stock options, profit sharing or similar benefit plans;
however, it may adopt such plans in the future. There are presently
no personal benefits available to directors, officers or employees.


                                    26
<PAGE>



ITEM 11. Security Ownership of Certain Beneficial Owners and
         Management
         ---------------------------------------------------
The following table sets forth certain information regarding Common
Stock beneficially owned on the date of this filing for (i) each
shareholder known by us to be the beneficial owner of five (5%)
percent or more of our issued and outstanding Common Stock, (ii)
each executive officers and directors, and (iii) all executive
officers and directors as a group. As of the date of the filing of
this registration statement, there were 1,800,000 shares of our
Common Stock issued and outstanding.

<TABLE><CAPTION>
Name and Address         Amount and Nature of
 of Beneficial                Beneficial            Percent of
   Owner (1)                 Ownership (2)            Class
----------------        ---------------------       ----------
<S>                            <C>                    <C>
Dennis Eldjarnson (3)          500,000                27.78%
President, CEO, Treasurer,
CFO and Director

Deborah Eldjarnson(3)(4)       500,000                27.78%
Secretary and Director

Nutjaree Saengjan                    0                    0%
Director
------------------------------------------------------------------------
Officers and Directors
as a Group (3 persons)        1,000,000               55.56%

</TABLE>

(1)     The persons named above, who are the only officers,
directors and principal shareholders, may be deemed to be parents
and promoters, within the meaning of such terms under the
Securities Act of 1933, by virtue of their direct securities
holdings. The mailing address for all of our officer and directors is
Suite 1801- 1 Yonge Street, Toronto, Ontario, Canada M5E 1W7, our
office address.

(2)   In general, a person is considered a beneficial owner of
a security if that person has or shares the power to vote or
direct the voting of such security, or the power to dispose of
such security. A person is also considered to be a beneficial
owner of any securities of which the person has the right to
acquire beneficial ownership within (60) days.

(3)  Dennis and Deborah Eldjarnson are husband and wife and as such,
jointly own 1,000,000 shares or 55.56% of our issued and outstanding
common stock.

(4)  Nutjaree Saengjan is the sister-in-law of Deborah Eldjarnson.

                                27
<PAGE>

There are currently no options, warrants, rights or other securities
conversion privileges granted to our officers, directors or beneficial
owners and no plans to issue any such rights in the future.

Changes in Control
------------------
There are no arrangements known to us, the operation of which may at
a subsequent date result in a change of control of our company.

Item 12.  Certain Relationships and Related Transactions
          ----------------------------------------------
We are currently using the home of our President, Dennis Eldjarnson,
at no cost to us, to store our inventory; however, at such time as
our business expands and this space becomes insufficient, we will
seek to lease larger warehouse space for inventory storage. There is
no written lease agreement or other material terms or arrangements
relating to our agreement with Mr. Eldjarnson to use his home. We do
not have any other related transactions and have not yet formulated
a policy for the resolution of any related transaction conflicts,
should they arise.

Item 13.  Exhibits and Reports on Form 8-K
          --------------------------------
(a) 1 & 2.  Financial Statements. See Item 7 in Part II; the
financial statements required to be filed herein are contained in
that section in their entirety.

(a) 3.  The following exhibits, marked with an asterisk and
required to be filed hereunder, are incorporated herein by
reference and can be found in their entirety in our original
Form 10-SB Registration Statement, filed under CIK Number
0001295923, on the SEC website at www.sec.gov:
<TABLE><CAPTION>

             <c>
Exhibit No.     Description
----------      -----------
* 3(i)          Articles of Incorporation
* 3(ii)         Bylaws
 23             Consent of Accountants
 31             Sec. 302 Certification of CEO/CFO
 32             Sec. 906 Certification of CEO/CFO
</TABLE>

(b) There were no reports on Form 8-K filed for the year ended December
31, 2004; however, subsequent to that period and prior to the filing of
this annual report, a Form 8-K was filed to timely report our change of
auditors. We hereby incorporate that Form 8-K herein by this reference, a
copy of which can be found in its entirety on the SEC website at
www.sec.gov, under our CIK Number 0001295923.



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<PAGE>


                              SIGNATURES
                              ----------
Pursuant to the requirements of Section 13(a) or 15(d) 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.


SIAM IMPORTS, INC. (Registrant)

/s/ Dennis Eldjarnson                Date: March 19, 2005
--------------------------------
By: Dennis Eldjarnson,
    President, Chief Executive
    Officer, Chief Financial
    Officer, Treasurer and
    Principal Accounting Officer

/s/ Deborah Eldjarnson               Date: March 19, 2005
---------------------------------
By: Deborah Eldjarnson, Secretary



/s/ Nutjaree Saengjan                Date: March 19, 2005
---------------------------------
By: Nutjaree Saengjan, Vice
    President
























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