U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

                                   (Mark One)

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

                  For the quarterly period ended March 31, 2001

                                   ----------

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

                        For the transition period from to

                                   ----------

                        Commission File Number 000-27949

                                   ----------

                     First India Diversified Holdings, Inc.

                                   ----------

        (Exact name of small business issuer as specified in its charter)

          New York                                         06-1551283
(State of other jurisdiction                   (IRS Employer Identification No.)
of incorporation or organization)

                     First India Diversified Holdings, Inc.
                              257-10 Union Turnpike
                           Floral Park, New York 11004
                                 (888) 238-6400

                                   ----------

                           (Issuer's telephone number)

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       No  X

State number of shares  outstanding  of each of the  issuer's  classes of common
equity as of the  latest  practicable  date.  As of March 31,  2001,  61,000,000
shares  of  the   registrant's  no  par  value  common  stock  were  issued  and
outstanding.

            Transmittal Small Business Disclosure Format (check one):

          Yes X                                                      No


<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.

TABLE OF CONTENTS

                                                                            Page

REVIEW REPORT OF INDEPENDENT ACCOUNTANT                                       1

FINANCIAL STATEMENTS

         Balance Sheet as of March 31, 2001                                   2
         Statement of Operations for the three months
              and  six months ended March 31, 2001 and
              for the period  July 2, 1999 (inception)
              to March 31, 2001                                               3
         Statement of Stockholders' Equity for the six
              months  ended March 31, 2001 and for the
              period July 2, 1999 (inception ) to
              March 31, 2001                                                  4
         Statement of Cash Flows for the six months
              ended March 31, 2001 and for the period
              July 2, 1999 (inception) to March 31, 2001                      5
         Notes to Financial Statements                                       6-7


<PAGE>

                      FIRST INDIA DIVERSIFIED HOLDING, INC.
                          (A Development Stage Company)

                          REVIEWED FINANCIAL STATEMENTS
                                   (Unaudited)

                       Six months ended March 31, 2001 and
                   For The Period July 2, 1999 (Inception) to
                                 March 31, 2001


<PAGE>

      Aaron Stein
CERTIFIED PUBLIC ACCOUNT

                                                                981 ALLEN LANE
                                                                 P.O. BOX 406
                                                              WOODMERE, NY 11598
                                                                 516-569-0520

To the Board of Directors and Stockholders'
  First India Diversified Holdings, Inc.

I have  reviewed  the  accompanying  balance  sheet of First  India  Diversified
Holdings,  Inc. (a  development  stage  enterprise) as of March 31, 2001 and the
related statements of operations,  stockholders' equity (deficit) and cash flows
for the six months  ended  March 31,  2001 and for the period  from July 2, 1999
(inception) to March 31, 2001. These financial statements are the responsibility
of the Company's management.

I  conducted  my review in  accordance  with the  standards  established  by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial  statements taken as whole.
Accordingly, I do not express such an opinion.

Based on my review, I am not aware of any material  modifications that should be
made to the accompanying  financial statements for them to be in conformity with
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 2 to the
financial statements,  the Company has suffered recurring losses from operations
and has a net capital deficiency that raises substantial doubt about its ability
to continue as a going  concern.  Management's  plans in regard to these matters
are also  described  in Note 2. The  financial  statements  do not  include  any
adjustments that might result from the outcome of this uncertainty.

Aaron Stein
Woodmere, New York
May 28, 2001


                                       1
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
MARCH 31, 2001
(Unaudited)

ASSETS

Current assets

Cash and cash equivalents                                             $      --
                                                                      ---------

                                                                      $      --
                                                                      =========

LIABILITIES AND STOCKHOLDRS' EQUITY

Liabilities                                                           $      --
                                                                      ---------


Stockholders' Equity
  Common stock, $0.0001 par value,
    100,000,000 shares authorized,
    61,000,000 shares issued and outstanding                              6,100

  Additional paid-in capital                                             99,000

  Deficit accumulated during the development stage                     (105,100)
                                                                      ---------

                                                                      $      --
                                                                      =========

  See accompanying accountants' review report and notes to financial statements


                                       2
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                                  Three Months         Six Months          July 2, 1999
                                                                     Ended               Ended            (Inception) to
                                                                 March 31, 2001      March 31, 2001       March 31, 2001
                                                                 --------------      --------------       --------------
                                                                  (Unaudited)         (Unaudited)          (Unaudited)

<S>                                                               <C>                  <C>                  <C>
REVENUES                                                          $       --           $       --           $         --

EXPENSES                                                                  --                   --               (105,100)
                                                                  ----------           ----------           ------------

INCOME BEFORE PROVISION FOR
     INCOME TAXES                                                         --                   --               (105,100)

INCOME TAX EXPENSE                                                        --                   --                     --
                                                                  ----------           ----------           ------------

NET INCOME (LOSS)                                                 $       --           $       --           $   (105,100)
                                                                  ==========           ==========           ============
LOSS PER SHARE
     BASIC                                                           nil                  nil                    nil

AVERAGE NUMBER OF COMMON SHARES OUTSTANDING                       61,000,000           61,000,000             61,000,000
</TABLE>

  See accompanying accountants' review report and notes to financial statements


                                       3
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS EQUITY
(Unaudited)

<TABLE>
<CAPTION>
                                     Common Stock      Additional
                                --------------------    Paid-In    Accumulated
                                  Shares      Amount    Capital      Deficit       Total
                                ----------    ------    -------     --------     ---------
Subscription to common stock
<S>                             <C>           <C>       <C>        <C>           <C>
     at par value               51,000,000    $5,100    $    --    $      --     $   5,100

Subscription to common stock
     at $.01 per share          10,000,000     1,000     99,000           --       100,000

Net Income-September 30, 1999           --        --         --           --            --
                                ----------    ------    -------    ---------     ---------
Balance-September 30, 1999      61,000,000     6,100     99,000                    105,100

Net Loss-September 30, 2000             --        --         --     (105,100)     (105,100)
                                ----------    ------    -------    ---------     ---------
Balance-September 30, 2000      61,000,000     6,100     99,000     (105,100)           --

Net loss-March 31, 2001                 --        --         --           --            --
                                ----------    ------    -------    ---------     ---------
Balance-March 31, 2001          61,000,000    $6,100    $99,000    $(105,100)    $      --
                                ==========    ======    =======    =========     =========
</TABLE>

  See accompanying accountants' review report and notes to financial statements


                                       4
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                      Six Months                 July 2, 1999
                                                                        Ended                  (Inception) to
                                                                    March 31, 2001              March 31, 2001
                                                                    --------------             ---------------
                                                                      (Unaudited)                (Unaudited)
<S>                                                                    <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

     Net loss                                                          $      --                $ (105,100)
     Adjustments to reconcile net loss to cash
         used in operating activities:                                        --                        --
                                                                       ---------                ----------

            Net cash used in operating activities                             --                  (105,100)
                                                                       ---------                ----------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Issuance of common stock                                                 --                   105,100
                                                                       ---------                ----------

            Net increase in cash and cash equivalents                         --                        --

CASH AND CASH EQUIVALENTS, Beginning                                          --                        --
                                                                       ---------                ----------

CASH AND CASH EQUIVALENTS, Ending                                      $      --                $       --
                                                                       =========                ==========

Supplemental disclosure of cash flow information

         Interest paid                                                 $      --                $ +     --
                                                                       =========                ==========

         Income taxes paid                                             $      --                $       --
                                                                       =========                ==========
</TABLE>

  See accompanying accountants' review report and notes to financial statements


                                       5
<PAGE>

                     FIRST INDIA DIVERSIFIED HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2001

Note 1: Organization, Business and Significant Accounting Policies

      Organization

      First India Diversified Holdings, Inc. (the "Company") was incorporated on
      July 2,  1999  under  the laws of the  State of New York to  engage in any
      lawful corporate activity, including, but not limited to, selected mergers
      and  acquisitions.  The Company has sold 10,000,000 shares of Common Stock
      in a "private  placement"  pursuant to Rule 504 of the  Securities  Act of
      1933. The Company is authorized to issue 61,000,000 shares of Common Stock
      with a par value of $0.0001 per share.

      Business

      First India Diversified Holdings, Inc. has been in the developmental stage
      since  inception  and has no  operations  to date.  The Company is a blank
      check company as defined by the  Securities and Exchange  Commission.  The
      definition of a blank check company is one which has no specific  business
      or plan other than to consummate an  acquisition  of or merge into another
      business entity.

      Significant accounting policies

      Use of Estimates in Financial  Statements - Management  uses estimates and
      assumptions in preparing  these  financial  statements in accordance  with
      generally accepted accounting principles.  Those estimates and assumptions
      affect the reported amounts of assets and  liabilities,  the disclosure of
      contingent assets and liabilities,  and the reported revenue and expenses.
      Actual results could vary from the estimates that were used.

      Cash and Cash  Equivalents  - For  purposes of reporting  cash flows,  the
      Company  considers all cash accounts,  which are not subject to withdrawal
      restrictions  or penalties,  as cash and  equivalents in the  accompanying
      balance sheet.

      Income Taxes - The  provision  for income taxes are computed  based on the
      pretax  loss  included  in the  Statement  of  Operations.  The  asset and
      liability   approach  is  used  to  recognize   deferred  tax  assets  and
      liabilities  for  the  expected  future  tax   consequences  of  temporary
      differences  between the carrying  amounts and the tax bases od assets and
      liabilities.

      Earnings per Common Share - Basic loss per common share is computed  using
      the weighted average number of common shares outstanding during the year.


                                       6
<PAGE>

                     FIRST INDIA DIVERSIFIED HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2001

Note 2: Going Concern Consideration

      The accompanying financial statements have been prepared assuming that the
      Company  will  continue as a going  concern.  The Company has no operating
      history nor any revenues or earnings from operations. The Company will, in
      all likelihood, sustain operating expenses without corresponding revenues,
      until the  consummation of a business  combination.  The Company's lack of
      financial resources and liquidity at September 30, 2000 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.  The Company has been dependent upon raising
      equity  funding to remain in existence  and will  continue to be dependent
      upon such funding until a business combination has been consummated.


                                       7
<PAGE>

Item II MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS:

The following  discussion of the results of operations  and financial  condition
should be read in conjunction with the audited financial  statements and related
notes appearing under the caption "Financial Statements".

The Company did not have any revenues  during the period from inception (July 2,
1999) to March 31, 2001.  The Company  incurred  aggregate  expenses of $105,100
from  inception  to March 31,  2001.  These  expenses  relate to  evaluation  of
proposed  transactions.  The Company had minor amounts of dividend  income which
slightly reduced its loss from the amount of expenses incurred.

Liquidity and Capital Resources

The Company  had no assets on March 31,  2001.  The  Company  will need to raise
substantial  capital  in  order  to  effectuate  any of the  transactions  it is
evaluating. There is no assurance that these efforts to raise additional capital
will be successful  nor any assurance  that the Company's  actual  capital needs
will not be greater than anticipated, or that the Company will generate revenues
to fund its operations in the absence of other sources.

PART II-OTHER INFORMATION

The statements in this  quarterly  report on Form 10-QSB that are not historical
constitute "forward-looking statements". Said forward-looking statements involve
risks and  uncertainties  which may cause the  actual  results,  performance  or
achievements of the Company and its subsidiaries to be materially different from
any future results,  performance or  achievements,  expressed or implied by such
forward-looking  statements.  These forward-looking statements are identified by
their  use  of  such  terms  and  phrases  as  "expects",   "intends",  "goals",
"estimates", "projects", "plans", "anticipates", "should", "future", "believes",
and "scheduled".

The variables which may cause differences  include,  but are not limited to, the
following:  general economic and business  conditions;  competition;  success of
operating initiatives; operating costs; advertising and promotional efforts; the
existence  or absence of adverse  publicity;  changes in  business  strategy  or
development  plans; the ability to retain management;  availability,  terms, and
deployment   of  capital;   business   abilities   and  judgment  of  personnel;
availability  of  qualified  personnel;  labor  and  employment  benefit  costs;
availability and costs of raw materials and supplies; and changes in, or failure
to comply with various  government  regulations.  Although the Company  believes
that the  assumptions  could  be  inaccurate,  and  therefore,  there  can be no
assurance that the forward-looking statements included in this filing will prove
to be  accurate.  In  light of the  significant  uncertainties  inherent  in the
forward-looking  statements  included herein,  the inclusion of such information
should not be regarded as a representation by the Company or any person that the
objectives and expectations of the Company will be achieved.


                                       8
<PAGE>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) EXHIBITS

Exhibit                                                  Description of Exhibits
-------                                                  -----------------------

      None

(b) Reports on Form 8-K

      None

SIGNATURES

      In accordance  with the  requirements  of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                          First India Diversified Holdings, Inc.

Date:  May 30, 2001                       /s/ David Griffith
                                          --------------------------------------
                                          David Griffith, President


                                       9